24th Oct 2019 13:48
(Alliance News) - Oil & gas explorer Serinus Energy PLC on Thursday said it has been granted a 12-month extension on the third exploration phase of the Satu Mare concession in Romania and that it will separately start drilling of the Moftinu - 1004 well in the first quarter of 2020.
Serinus Energy shares were down 3.2% at 9.20 pence each in London on Thursday afternoon.
The third Satu Mare exploration phase is now set to expire on October 28, 2020, the Tunisia and Romania focused company said.
The permit was previously set to expire on Saturday, with Serinus having to fulfil all work commitments for the third phase. The remaining work commitment for the third phase included completion of a 120 kilometre 3D seismic acquisition programme.
Serinus said it applied for an extension to the exploration programme as it was unable to complete the 3D seismic survey due to unforeseen delays in reaching land access agreement with landowners within the seismic acquisition area.
The access agreements have since been concluded with all landowners and the seismic acquisition programme will now commence in the second quarter of 2020, the company added.
The postponement of 3D seismic programme has meant the company can advance the drilling of the Moftinu-1004 well, located within the Moftinu field, also in Romania. The well is expected to spud in January.
By Tapan Panchal; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Serinus Energy