Serinus Energy Drills Moftinu-1002bis Well in Romania

Oil and gas exploration company Serinus Energy said on Thursday open hole wireline logs, mud logs and/or drill cuttings at the Moftinu-1002biswell in Romaniaindicate seven Cenezoic aged sandstones with an aggregate of 90.5 metres of hydrocarbon bearing rock, and 22 metres of potential net pay.

Moftinu-1002bis is located in the Satu Mare Concession in northwest Romania and is the second of a two well drilling programme carried out by the company in that concession in 2014. It was spud in early December, and reached a total depth of 2,083 metres on December 27,Serinus Energy said in a statement.

"Despite our inability to get a complete log suite over the entire wellbore, we are pleased with the overall results in Moftinu-1002bis, and look forward to testing the various prospective zones. Pending successful testing of this well and Moftinu-1001, we hope that this will be the first commercial development for the Company in Romania,"Jock Graham, executive vice president and COO of Serinus, said in the statement.

Only a limited electric log suite was obtainable over three of the lower zones due to several well stabilization issues which resulted in hole collapse and washout. The net pay in those zones was determined primarily from strip logs, mud logs, and observation of fluorescence. The wellbore instability appears to be due to increased tectonic stress at the top of the structure, the statement added.

A liner has been set and cemented in place at a depth of 1,742 metres, and Serinus will now file a completion and testing program with the Romanian regulators. That approval is expected to be granted in or around early February.

Completion and testing of both Moftinu-1002bis and the previously drilled Moftinu-1001 will commence in mid-February and is expected to be complete in early March.

Satu Mare is a 765,000 acre exploration block, which is 60% owned and operated by Winstar Satu Mare SRL, a wholly-owned subsidiary of Serinus. The other 40% is owned by a subsidiary of KMG International.

Serinus is an international upstream oil and gas exploration and production company with a diversified portfolio of projects in Ukraine, Brunei, Tunisia, Romania and Syria. The common shares of the company are traded on theWarsaw and Toronto Stock Exchanges.

Source: SeeNews