Serinus Energy 4Q15 operations update

Serinus Energy Inc. has provided the following update for its operations for 4Q15.

Average corporate production for 4Q15 was approximately 3957 boe/d. This represented a 3% decrease from 4072 boe/d in 3Q15. January production averaged 3745 boe/d, including volumes from Ukraine since the previously disclosed sale of those assets will not close until on or before 8 February 2016.

Serinus' working interest production from Tunisia for 4Q was 1276 boe/d, 4.5% lower than the 1336 boe/d in Q3. Oil averaged 1007 bbl/d, and gas was 1.6 million ft³/d.

In Ukraine, gas and condensate production during 4Q15 quarter were approximately 15.7 million ft³/d and 56 bbl/d respectively (both volumes are SEN's 70% WI). These volumes are 2% lower and 6% higher respectively than the third quarter. The decline in gas production is substantially due to natural declines with the absence of development drilling. The slightly higher condensate rate is due to a higher proportion of overall production coming from the Olgovskoye field which is richer in liquids than Makeevskoye. Production for January averaged 15.6 million ft³/d and 65 bbl/d (SEN WI).

The estimated prices received in Ukraine during the quarter were US$7.34M ft³ and US$46.84/bbl for natural gas and liquids respectively.

As has been disclosed in previous press releases, Serinus is selling its Ukraine interests for US$30 million plus working capital and inter-company balance adjustments. The final closing is anticipated to occur on or before 8 February 2016.

Edited from press release by Angharad Lock

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/05022016/serinus-energy-4q15-operations-update-2384/