By Andra Beltz
Serinus Energy plc to announce that production has commenced gas production at the Moftinu Gas Plant in Romania
Gas from the Moftinu 1003 production well has flowed through the gas plant into the sales gas pipeline. The processed gas meets the water dew point and hydrocarbon dew point specifications set by the Romanian National Gas Transportation Company, Transgaz.
The Company will follow a conventional start-up program whereby production parameters and plant performance will be stabilized, after which gas from the Moftinu 1007 well will be also be brought onto production and flowed through the gas plant. During the start-up and stabilization period gas will be sold on a daily basis. Following the start-up period, and once gas volumes are more regular, gas will be sold on a monthly basis as per the previously announced Gas Sales Agreement.
Serinus CEO 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 that its staff and the team at our Romanian EPC Contractor have put into this project to achieve this milestone”.
The Satu Mare Concession (729,000 gross acres, Serinus deemed 100% WI) is one of the largest exploration blocks in Romania, lying on a prolific oil and gas trend in the Eastern Pannonian Basin. Satu Mare possesses a wealth of different plays that are actively producing along the same trend, including: shallow amplitude-supported gas reservoirs; conventional siliciclastic oil reservoirs; and fractured-basement oil and gas reservoirs. The Moftinu gas field (discovered by Serinus in 2014) is the catalyst for future, self-funded, growth in the Satu Mare concession, with first production scheduled for early Q2 2019.
The Satu Mare concession is on trend with numerous commercial oil and gas fields. There are four areas of interest for future exploration and development, prioritized as follows: (1) the Berveni AOI, which possesses near-term exploration and development potential from shallow amplitude-supported gas plays; (2) the Santau-Madaras AOI, which represents near- to medium-term exploration potential in stratigraphic and structural traps with previously uncommercialized oil discoveries; (3) the Nusfalau AOI, which is a long-term exploration opportunity for large accumulations of stratigraphically trapped oil, similar to Suplacu de Barcau (162 MM BOE recoverable); and (4) the Babesti AOI, which is a long-term exploration opportunity for large gas accumulations in deep stratigraphic and structural traps.
Serinus is an international upstream oil and gas exploration and production company that owns and operates projects in Tunisia and Romania.
By Andra Beltz