NEW ERA FOR SERINUS ENERGY AND WINSTAR SATU MARE S.A. IN ROMANIA
Serinus Energy, the Canadian-based Company that owns Winstar Satu Mare S.A, has undergone a new transformation that will result in increased investments in the Satu Mare Concession in Romania. With new management taking over Serinus Energy in September 2016, they have become focused on bringing the Moftinu gas discoveries onto experimental production and to begin to again actively explore the Satu Mare concession for more hydrocarbon deposits. In an important sign of the Company’s commitment to the Satu Mare Concession, on October 28, 2016, NAMR approved the addendum letter for an additional three-year exploration period on the concession. On February 24, 2017, the Company announced that they successfully raised C$25.2 million dollars in an equity financing that provides the Company with the funds to invest in their Romanian operations and begin to expand the exploration coverage of the Satu Mare Concession.
An important milestone was reached in January 2017, when the Company successfully completed the permitting of the Moftinu Experimental production project. This has allowed the Company to proceed with investments in a 15 million cubic feet per day gas processing plant and pipeline tie-in to the Transgaz system to bring the discovered gas from the Moftinu 1000 and 1001 wells onto production in early 2018. The Company will also drill two of the three new exploration commitment wells in mid-2018. These are the important first steps in a long-term commitment of Serinus to pursue exploration and production from Satu Mare Concession.
With a successful experimental production phase and the new commitment wells drilled, the Company will then turn its focus on to other exploration areas and begin to test the full potential of the Satu Mare concession. It is hopeful that up to four additional exploration wells will be drilled in 2019 to help the company to determine the best areas in the concession to further increase its hydrocarbon production from the Satu Mare concession. Increased production results in more funds that could be re-invested back into further economic investment opportunities in the Satu Mare concession and perhaps other new Concessions the Company may want to acquire in Romania in the future.
The Company could not be at this stage of realizing the potential production from the Satu Mare Concession without the passionate and dedicated work of the employees of Winstar Satu Mare S.A. Their diligent and persistent work to move all of the areas of the project forward while anticipating first gas in Q1 2018. The Company hopes that the development of the Moftinu Gas Project is the start of a long and mutually beneficial partnership with the country of Romania and its citizens.
We will keep you all informed with our developments as we work towards First Production in Moftinu.