CALGARY, Alberta, Aug. 10, 2017 (GLOBE NEWSWIRE) -- Serinus Energy Inc. (TSX:SEN) (WARSAW:SEN) ("Serinus", "SEN" or the "Company"), is pleased to report its financial and operating results for the three months ended June 30, 2017.
Q2 2017 Highlights
Summary Financial Results (US$ 000's unless otherwise noted)
Three Months Ended June 30 | ||||||||||||||
2017 | 2016 | Change | ||||||||||||
Oil and Gas Revenue | 1,342 | 4,080 | (67 | %) | ||||||||||
Net Income from Continuing Operations | 31 | (3,994 | ) | 101 | % | |||||||||
per share, basic and diluted | 0.00 | (0.05 | ) | |||||||||||
Funds from Continuing Operations | (1,463 | ) | (714 | ) | 105 | % | ||||||||
per share, basic and diluted | (0.01 | ) | (0.01 | ) | 7 | % | ||||||||
Capital Expenditures | 1,453 | 611 | 138 | % | ||||||||||
Average Production (net to Serinus from continuing operations) | ||||||||||||||
Oil | (Bbl/d) | 244 | 882 | (72 | %) | |||||||||
Gas | (Mcf/d) | 509 | 1,942 | (74 | %) | |||||||||
BOE | (boe/d) | 329 | 1,206 | (73 | %) | |||||||||
Average Sales Price (from continuing operations) | ||||||||||||||
Oil | ($/Bbl) | $ | 47.25 | $ | 41.25 | 15 | % | |||||||
Gas | ($Mcf) | $ | 6.32 | $ | 4.35 | 45 | % | |||||||
BOE | ($/boe) | $ | 44.85 | $ | 37.18 | 21 | % | |||||||
June 30 | December 31 | |||||||||||||
2017 | 2016 | |||||||||||||
Cash & Cash Equivalents | 16,019 | 4,297 | ||||||||||||
Working Capital (deficit) | (23,319 | ) | (38,475 | ) | ||||||||||
Long Term Debt | - | - | ||||||||||||
Shares Outstanding | 150,652,138 | 78,629,941 | ||||||||||||
Average for Period | 150,650,674 | 78,629,941 | ||||||||||||
General & Financial Highlights
Operational Highlights
Outlook
The Company is focusing on Romania as the impetus for growth over the next several years. The Moftinu gas development project is a near-term project that is expected to begin producing from the gas discovery wells Moftinu-1001 and Moftinu-1000 in early 2018. The Company signed an EPCC contract on May 9, 2017 and has commenced construction in Q2 2017 of a gas plant with 15 MMcf/d of operational capacity, with expected first gas production in the first quarter of 2018.
The Company is also developing the drilling program to meet work commitments for the extension and plans to drill two additional development wells (Moftinu-1003 and 1004) with a potential third well in 2018. The Corporation sees potential production from these wells being able to bring the gas plant to full capacity in late 2018.
In Tunisia, the Company's plans to focus on carrying out low cost incremental work programs to increase production from existing wells, including the Sabria N-2 re-entry and installing artificial lift on another Sabria well, are dependent on resolution of the social issues in Tunisia and the Company being able to restart production in a safe and sustainable environment. The Corporation views Sabria as a large development opportunity longer term.
Production volumes decreased in the second quarter to 329 boe/d, as compared to 1,206 boe/d in the comparable period of 2016. In Q2 2017, the decrease in production is attributable to the shut-in of the Chouech Es Saida field since February 28, 2017 and the Sabria field since May 22, 2017. The shut-in of these fields was due to social unrest in southern Tunisia that has stopped all oil & gas production in the region.
Full production in Tunisia for 2017 is dependent on the successful resolution of the social unrest in southern Tunisia and the associated security and safety issues this unrest has created.
Supporting Documents
The full Management Discussion and Analysis ("MD&A") and Financial Statements have been filed in English on www.sedar.com and in Polish and English via the ESPI system, and will also be available on www.serinusenergy.com.
Abbreviations
bbl | Barrel(s) | bbl/d | Barrels per day |
boe | Barrels of Oil Equivalent | boe/d | Barrels of Oil Equivalent per day |
Mcf | Thousand Cubic Feet | Mcf/d | Thousand Cubic Feet per day |
MMcf | Million Cubic Feet | MMcf/d | Million Cubic Feet per day |
Mcfe | Thousand Cubic Feet Equivalent | Mcfe/d | Thousand Cubic Feet Equivalent per day |
MMcfe | Million Cubic Feet Equivalent | MMcfe/d | Million Cubic Feet Equivalent per day |
Mboe | Thousand boe | Bcf | Billion Cubic Feet |
MMboe | Million boe | Mcm | Thousand Cubic Metres |
CAD | Canadian Dollar | USD | U.S. Dollar |
Cautionary Statement:
BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
About Serinus
Serinus is an international upstream oil and gas exploration and production company that owns and operates projects in Tunisia and Romania.
For further information, please refer to the Serinus website (www.serinusenergy.com) or contact the following:
Serinus Energy Inc. Calvin Brackman Vice President, External Relations & Strategy Tel.: +1-403-264-8877 cbrackman@serinusenergy.com | Serinus Energy Inc. Jeffrey Auld Chief Executive Officer Tel.: +1-403-264-8877 jauld@serinusenergy.com |
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.
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