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Serinus Energy flow-testing at Romanian well Moftinu-1003 produces gas

Serinus Energy flow-testing at Romanian well Moftinu-1003 produces gas Serinus Energy Romania author (Serinus) License: all rights reserved.

BUCHAREST (Romania), September 17 (SeeNews) - Oil and gas exploration company Serinus Energy said on Monday that flow-testing from three of the deeper zones of its Romania-based Moftinu-1003 well has produced gas.

The production was an average of 6.3 million standard cubic feet of gas a day, with no water present, Serinus said in a press release.

The well is now undergoing a five-day pressure build-up, after which it will be tied into the flowline that will connect it to the Moftinu gas plant.

With six zones drilled, the company said that the three shallower areas may be exploited in the later life of the well.

As previously announced, the Moftinu–1003 well was drilled to a depth of 1,600 metres.

As with the Moftinu–1007 well, the Moftinu–1003 well will partly satisfy the work commitment required for the three-year Satu Mare licence extension to October 28, 2019, Serinus said in August.

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 2018. Satu Mare is a 729,000 acre exploration block which is 60% owned and operated by Winstar Satu Mare SRL, a wholly owned subsidiary of Serinus.

Serinus is an international upstream oil and gas exploration and production company with a diversified portfolio of projects in Tunisia and Romania.The common shares of the company are traded on the stock exchanges in Warsaw and Toronto.