Serinus Energy plc (LON:SENX, WSE:SEN) has announced that the CTF-004 rig has completed rig-up and commenced workover operations on the Sabria N-2 well in Tunisia. This operation will recomplete the N-2 well and remove any wellbore restrictions. This well was drilled in 1980 but was not able to flow oil to surface due to damage during completion. The N-2 is in close proximity to current Sabria producing wells, in particular the prolific WIN-12bis well. The workover and recompletion is expected to take approximately 30-40 days. Company engineering analysis estimates that a successful workover and recompletion will initially increase gross production from the Sabria field by approximately 420 boe/d.
Upon the recompletion of the N-2 well, the rig will be released.
Sabria is a large, conventional oilfield which the Company’s independent reservoir engineers have estimated to have approximately 445 million barrels of oil equivalent hydrocarbons originally-in-place, of which only 1.6 % has been produced to date.
Competent Persons Statement
In accordance with the AIM Rules for Companies, the technical information contained in this announcement has been reviewed and approved by Mr. Stuart Morrison, Chief Operating Officer of Serinus Energy plc. Mr. Morrison is a qualified person as defined in the London Stock Exchange’s Guidance Note for Mining and Oil and Gas Companies and has the necessary professional and technical competencies to conduct petroleum operations. Mr. Morrison has a Bachelor of Science (First Class Honours) Degree in Chemical Engineering and a Master of Engineering Degree in Petroleum Engineering, both from Heriot-Watt University, Edinburgh. Mr. Morrison has over 35 years of oil and gas industry operational experience in numerous senior management roles.
About Serinus
Serinus Energy is an international upstream oil and gas exploration and production company that owns and operates projects in Tunisia and Romania.
