10th Jan 2020 11:11
(Alliance News) - Serinus Energy PLC said Friday it has spudded the Moftinu-1004 well in Romania.
The oil & gas explorer said the planned total drilling depth of the well, which is located approximately 900 meters to the east of the Moftinu Gas Plant, is 1,000 meters.
The well is expected to penetrate four gas-bearing sand formations, two of which are producing zones of the Moftinu-1003 and Moftinu-1007 wells, the company said.
If the drilling operations are successful, the well will be completed, tested and brought on production through a flowline to the Motifu gas plant.
In November, Serinus Energy had said it produced 1,168 barrels of oil equivalent per day in the nine months to September, well above the 357 barrels delivered a year before on a daily basis. Its revenue more than doubled to USD15.5 million from USD6.9 million.
Serinus Energy shares were untraded at 8.38 pence each on Friday in London.
By Loreta Juodagalvyte; [email protected]
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