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Serinus Energy wraps up drilling at Moftinu-1007 well in Romania
AIM-listed international upstream oil and gas Serinus Energy has wrapped up drilling at its Moftinu-1007 well in Romania, achieving a total planned depth of 1,463 metres on schedule and below budget.
Serinus' drilling rig has been released and a snubbing unit has been mobilized to perform well completion operations.
Log analysis undertaken during the drilling operations identified three gas-bearing Pliocene zones, the A3 sand formation which was intersected from 736m to 738m, the A2 from 809m to 813m, and the A1 from 883m to 898m.
Serinus noted these were the same sand zones as those perforated and tested in its Moftinu-1001 well.
Construction of Serinus' Moftinu Gas Plant continued, with the fiscal metering skid installation reaching its final stage, leading the company to engage the operatorship transfer process of the sales gas line to Transgaz.
The firm expects first gas from Moftinu-1000, in late June, with gas from Moftinu-1007 to be added to the commissioning process in mid-July.
Initially, Serinus' the gas plant commissioning will begin without a Low Temperature Separation unit ot a Triethylene Glycol unit, both of which were in final assembly and expected to be on site by the end of August as the company was recently notified by its EPCC contractor that delivery of the units would be delayed due to procurement delays.
As of 0940 BST, Serinus shares had lost 4.62% to 15.50p.