Serinus Energy plc (LON:SENX) is the topic of conversation when DirectorsTalk caught up with Brendan Long Director of Institutional Research at WHIreland.
Q: Serinus recently published their interim results for the three months ended 31st March 2020, Brendan how is the company getting on operationally?
A: Serinus announced strong operational results for the quarter ending 31 March 2020 with production of 2,317 boe/d in the period, up from 2,045 boe/d from the prior quarter and from 317 boe/d in the comparable quarter of 2019. The company indicated that its Q1 exit rate had strengthened to 2,701 boe/d. We anticipate a strong Q2 2020 given it will be the first quarter reflecting a full month of production from the Moftinu-1004 gas well, in Romania, which was brought on commercial production in February 2020.
Q: What about the debt, they have an instalment due at the end of June 2020?
A: The restructuring of the company’s loan to foster growth would seem in the best interests of all parties and we expect a constructive outcome, albeit the commodity price context increases the stakes. We believe the operational success of the company proves the capabilities of the relatively new management team and creates a positive backdrop for the company to enter discussions with its lender.
Serinus Energy is an international upstream oil and gas exploration and production company that owns and operates projects in Tunisia and Romania.
