26th Apr 2019 12:02
LONDON (Alliance News) - Serinus Energy PLC has kicked off gas production at the Moftinu plant in Romania, the firm announced on Friday.
Shares were 15% higher on Friday at a price of 11.75 pence each.
Gas from Moftinu, Serinus added, meets water and hydrocarbon dew points set by Romania's national gas transporter Transgaz.
Serinus is to follow a conventional start-up programme, and following that gas will be sold on a monthly basis under the terms of its supply contract signed with Vitol Gas & Power BV in December.
Chief Executive Jeffrey Auld commented: "This is an extremely important milestone for Serinus. Gas production, plant operation and the resulting sales of processed gas will be transformative for Serinus and the Moftinu region.
"The company is proud of the efforts its staff and the team at our Romanian engineering, procurement, and construction contractor have put into this project to achieve this milestone.
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