Petroleum Africa
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Wednesday, October 26, 2016
Serinus Energy saw its overall production in Q3 drop 17% from the previous quarter. The company produced 1,007 boepd in Q3 as compared to 1,206 boepd in Q2. The decrease is attributed to pump failures on the CS-3 and CS-1 wells in Chouech Es Saida field in Tunisia.
The company saw down time at the Chouech Es Saida field of 78 days as parts had to be sourced from outside the country. CS-3 and CS-1 resumed production in early September and early October respectively.
Production for October to date is looking better, averaging approximately 1,214 boepd, comprised of 889 bpd of oil and 1.95 Mmcf/d of natural gas.
Moving forward Serinus said its focus remains on reducing costs wherever possible while maintaining existing production in Tunisia. The 2016 budget will be re-examined on an ongoing basis in the event that management becomes confident that current oil prices can be sustained, and that funding is available to recommence drilling.
In Romania, Serinus will concentrate on moving the Moftinu-1001 discovery into the experimental production phase, pending ratification of the Phase 3 extension of the Satu Mare License.
The company is examining several alternatives for funding the development activities in both Romania and Tunisia.
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