Serinus Energy Inc., together with its subsidiaries, engages in the exploration for and development of oil and gas properties. The company owns a 100% working interest in the Chouech Essaida, Ech Chouech, Sanrhar, and Zinna concessions, as well as a 45% working interest in the Sabria concession located in Tunisia. It also has a 60% working interest in the onshore Satu Mare concession covering an area of approximately 2,949 square kilometers located in north western Romania. The company is headquartered in Calgary, Canada. Serinus Energy Inc. is a subsidiary of Kulczyk Investments, S.A.
700-4th Avenue SW
Calgary, AB T2P 3J4
Serinus Energy Inc. Announces Earnings and Operating Results for the Second Quarter Ended June 30, 2016; Provides Operating Guidance for the Third Quarter of 2016
Aug 11 16
Serinus Energy Inc. announced earnings and operating results for the second quarter ended June 30, 2016. For the quarter, the company reported oil and gas revenue was USD 4,080,000 against USD 6,815,000 a year ago. The decrease in revenue against 2015 was due substantially to lower commodity prices. Net loss was USD 3,994,000 or USD 0.05 basic and diluted per share against USD 1,123,000 or USD 0.01 basic and diluted per share a year ago. Comprehensive net loss was USD 3,994,000 or USD 0.05 basic and diluted per share against profit of USD 3,483,000 or USD 0.04 basic and diluted per share a year ago. Funds from operations was negative to USD 714,000 or USD 0.01 basic and diluted per share against positive to USD 1,860,000 or USD 0.02 basic and diluted per share a year ago. Capital expenditures was USD 611,000 against USD 2,531,000 a year ago.
For the quarter, the company reported average oil production was 882 bbl/d against 951 bbl/d a year ago. Average gas production was 1,942 Mcf/d against 1,531 Mcf/d a year ago. Average BOE production was 1,206 boe/d against 1,206 boe/d a year ago. Average oil sales price was USD 41.25 per bbl against USD 63.48 per bbl a year ago. Average gas sales price was USD 4.35 per mcf against USD 9.50 per mcf a year ago. Average BOE sales price was USD 37.18 per boe against USD 62.12 per boe a year ago. Tunisian netbacks were USD 11.71/boe in the second quarter, significantly lower than the USD 24.32/boe achieved in the second quarter 2015, due substantially to the effects of lower commodity prices.
The company expected average daily production (SEN WI) for the 2016 third quarter to date was approximately 998 boe/d (822 bbl/d of oil, 1.1 MMcf/d of gas). Management estimates that rectification of these issues will restore approximately 900 Mcf/d and 100 bbl/d of production respectively.
Serinus Energy Inc. Announces Production Results for the Second Quarter and First Half Ended July 2016
Jul 20 16
Serinus Energy Inc. announced production results for the second quarter and first half ended July 2016. For the quarter, the company reported approximately 1,217 boe/d (SEN WI), representing a 45% decrease from 2,213 boe/d in the first quarter. The difference is due substantially to the sale of the Ukraine assets in early February.
For the first half of July, production averaged of approximately 1,070 boe/d, comprised of 864 bbl/d of oil and 1.2 MMcf/d of natural gas.
Serinus Energy Mulls Financing
Jun 4 16
Serinus Energy Inc. (WSE:SEN) intends to pursue financing. Serinus plans to raise $20 million in financing by the end of 2017. Serinus needs the financing for its three Romanian projects and transit infrastructure, Deputy Chief Executive Officer, Janusz Korczak, said. Most of the financing would be raised from an external partner, through either a joint venture or farm-out, he added.