Serinus Energy, an international upstream oil and gas exploration and production company that owns and operates projects in Tunisia and Romania, has announced its interim results for the nine months ended 30 September 2023.
Financial
- Revenue for the nine months ended 30 September 2023 was $13.3 million (30 September 2022 - $41.8 million)
- Funds from operations for the nine months ended 30 September 2023 were $1.2 million (30 September 2022 - $11.1 million)
- EBITDA for the nine months ended 30 September 2023 was $1.2 million (30 September 2022 - $12.6 million)
- Gross profit for the nine months ended 30 September 2023 was $1.8 million (30 September 2022 - $11.8 million)
- The Company realised a net price of $76.84/boe for the nine months ended 30 September 2023 comprising:
- Realised oil price - $78.68/bbl
- Realised natural gas price - $12.03/Mcf
- The Group's operating netback decreased, in line with commodity prices, for the nine months ended 30 September 2023 and was $34.15/boe (30 September 2022 - $120.13/boe), comprising:
- Romania operating netback - $4.22/boe (30 September 2022 - $195.73/boe)
- Tunisia operating netback - $40.68/boe (30 September 2022 - $59.11/boe)
- Capital expenditures of $5.3 million for the nine months ended 30 September 2023 (30 September 2022 - $8.6 million), comprising:
- Romania - $0.5 million
- Tunisia - $4.8 million
- Cash balance as at 30 September 2023 was $1.5 million (31 December 2023 - $4.9 million). As at 15 November 2023, the Group had cash balances of $3.5 million
Operational
- Production for nine months ended 30 September 2023 averaged 641 boe/d, comprising:
- Tunisia - 524 boe/d
- Romania - 117 boe/d
- Production in Chouech Es Saida continues to be stable and benefits from artificial lift programme
- Static and dynamic reservoir models of the Sabria field are being constructed. The study will help inform optimum reservoir management including potential well workovers and new well locations
- Installation of artificial lift in the Sabria W-1 well will require a sidetrack. The sidetrack design has been completed and the tender process for the long lead items has commenced
- The Sabria N-2 well is dewatering at a slow rate and the Company is in discussions with its partner regarding stimulation techniques to enhance the dewatering of this well
- The Company performed a lifting of 56,600 bbls of Tunisian crude oil at a price of $85.59/bbl in October
- In October 2023, the Company was granted a further exploration period on the Satu Mare Concession in Romania by Romanian National Agency for Mineral Resources ("NAMR"). The exploration period extension is in two phases. The first phase, until 27 October 2025, includes the acquisition of 100 kilometres of 2D seismic. The second optional phase of two years requires the drilling of one well with no depth obligation
Source: Serinus Energy
