Operational Update Romania

RNS Number : 4056I

Serinus Energy PLC

26 November 2018

 

SERINUS ENERGY PLC

OPERATIONAL UPDATE - ROMANIA

Jersey, Channel Islands, November 26, 2018 -- Serinus Energy plc ("Serinus", "SEN" or the "Company") (AIM:SENX, WSE:SEN), announces an update in respect of its Romanian Operations.

As previously announced on 18 October, the Moftinu gas plant is complete and able to operate at pressure with sustained production, but is waiting for the installation of the Low Temperature Separation ("LTS") unit and the Triethylene Glycol ("TEG") unit (together, the "Units"). 

As also previously announced on the 18 October 2018, the Company had been provided with a timeline by its EPC Contractor ("Contractor") that the Factory Acceptance Tests for the Units would be conducted at the manufacturing facility in Canada on or around 17 November 2018 and the Units would be loaded onto a freighter for shipment to Bremerhaven, Germany, on or around 22 November 2018, with installation, commissioning and production anticipated for December 2018.

Following recent communication with its Contractor, the Company, while it continues to believe that once the Units are installed it will be in a position to move to full production, now has no confidence in its Contractor to achieve the previously communicated timetable.

The Company is making every effort to expedite the Units to site with a view to achieving first production as soon as possible. At the Company's insistence, the Contractor has sent a representative to the manufacturing facility to provide a thorough in-person evaluation of the achieved progress of the units, the status and completion plan going forward, and a definitive date of delivery of the units. The EPC contractor has reported back to the Company that while progress on the units has been achieved in regards the spooling, assembly, hydrotesting, and painting of the units, the installation of the insulation and electrical still needs to be completed prior to the Factory Acceptance Tests of the Units.

About Serinus

Serinus is an international upstream oil and gas exploration and production company that owns and operates projects in Tunisia and Romania.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

For further information, please refer to the Serinus website (www.serinusenergy.com) or contact the following:

Serinus Energy plc                                                     [phone]

Jeffrey Auld, Chief Executive Officer

Calvin Brackman, Vice President, External Relations & Strategy

Numis Securities Limited                                           [phone]

(Nominated Adviser and Joint Broker)

John Prior

Paul Gillam

Ben Stoop

GMP FirstEnergy                                                        [phone]

(Joint Broker)

Hugh Sanderson

Jonathan Wright

Camarco                                                                    [phone]
(Financial PR - London)
Billy Clegg
Owen Roberts

TBT i Wspólnicy                                                         [phone] 

(Financial PR - Warsaw)

Piotr Talarek

Translation: This news release has been translated into Polish from the English original.

Forward-looking Statements This release may contain forward-looking statements made as of the date of this announcement with respect to future activities that either are not or may not be historical facts. Although the Company believes that its expectations reflected in the forward-looking statements are reasonable as of the date hereof, any potential results suggested by such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.  Various factors that could impair or prevent the Company from completing the expected activities on its projects include that the Company's projects experience technical and mechanical problems, there are changes in product prices, failure to obtain regulatory approvals, the state of the national or international monetary, oil and gas, financial , political and economic markets in the jurisdictions where the Company operates and other risks not anticipated by the Company or disclosed in the Company's published material. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties and actual results may vary materially from those expressed in the forward-looking statement. The Company undertakes no obligation to revise or update any forward-looking statements in this announcement to reflect events or circumstances after the date of this announcement, unless required by law.

 

END

 

 

DRLFXLLLVFFLFBL