Serinus Energy, an international oil company with operations in Romania and Tunisia, has announced its interim results for the three months ended 31 March 2023.
Financial
- Revenue for the three months ended 31 March 2023 was $4.9 million (31 March 2022 - $13.4 million)
- Gross profit for the three months ended 31 March 2023 was $0.9 million (31 March 2022 - $2.9 million)
- EBITDA for the three months ended 31 March 2023 was $0.4 million (31 March 2022 - $3.1 million)
- Net loss for the three months ended 31 March 2023 was $1.3 million (31 March 2022 - net income $1.0 million)
- The Company realised a net price of $78.87/boe for the three months ended 31 March 2023 (31 March 2022 - $184.57/boe), comprising:
- Realised oil price - $80.07/bbl
- Realised natural gas price - $12.72/Mcf ($76.33/boe)
- The Group's operating netback decreased, in line with commodity prices, for the three months ended 31 March 2023 and was $39.52/boe (31 March 2022 - $148.88/boe), comprising:
- Romania operating netback - $26.59/boe (31 March 2022 - $182.79/boe)
- Tunisia operating netback - $43.92/boe (31 March 2022 - $41.88/boe)
- Capital expenditures of $2.4 million for the three months ended 31 March 2023 (31 March 2022 - $1.5 million), comprising:
- Romania - $0.6 million
- Tunisia - $1.8 million
- Cash balance as at 31 March 2023 was $2.7 million (31 December 2022 - $4.9 million)
Operational
- In Tunisia, production has remained stable in the first three months of 2023. The Company is expecting to perform a lifting in the latter half of May 2023 of 50,344 bbls of Tunisian crude oil
- The CTF-004 rig has completed rig-up and commenced workover operations on the Sabria N-2 well in Tunisia. The workover and recompletion is expected to take approximately 30-40 days, as announced on 2 May 2023
- The workover of the Sabria W-1 well was suspended despite good initial progress resulting in the successful removal of two of three tubing strings to a depth of 3,433 metres. However unexpected conditions were subsequently encountered in the wellbore as a result of old debris and drilling mud left in the well from operations in 1998 which prevented the further removal of the 1.5-inch tubing below 2,889 metres
- The Company has undertaken work to design a side track to complete the Sabria W-1 pump installation. Long lead items and rig availability are being determined
- The Company has engaged a local geological and geophysical consultant to assist Serinus' technical team to identify locations for two new wells in the Sabria field
- In Romania, the Company completed the block wide review during the first quarter of 2023 which has combined the extensive technical information into a block wide exploration model. This will refocus future exploration on attractive, identified play systems including the potential appraisal of existing discoveries and extrapolating productive trends onto the Satu Mare block
- The International Chamber of Commerce ("ICC") awarded a decision in favour of Serinus, confirming that the 40% participating interest of its former partner on the Satu Mare Concession, Oilfield Exploration Business Solutions S.A.'s ("OEBS"), will be transferred to Serinus
- Production for the period averaged 691 boe/d, comprising:
- Romania - 163 boe/d
- Tunisia - 528 boe/d
Source: Serinus Energy
