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 financial results for the three months ended 31 March 2024.
Q1 2024 Highlights
Financial
- Revenue for the three months ended 31 March 2024 was $4.6 million (31 March 2023 - $4.9 million)
- EBITDA for the three months ended 31 March 2024 was $0.9 million (31 March 2023 - $0.8 million)
- Gross profit for the three months ended 31 March 2024 was $1.0 million (31 March 2023 - $0.9 million)
- Net loss for the three months ended 31 March 2024 was $0.5 million (31 March 2023 - net loss $1.3 million)
- The Group realised a net price of $80.24/boe for the three months ended 31 March 2024 (31 March 2023 - $78.87/boe), comprising:
- Realised oil price - $84.27/bbl (31 March 2023 - $80.07/bbl)
- Realised natural gas price - $10.99/Mcf (31 March 2023 - $12.72/Mcf)
- The Group's operating netback decreased for the three months ended 31 March 2024 and was $33.04/boe (31 March 2023 - $39.52/boe), in line with lower production volumes in Romania and significantly lower realised gas prices, comprising:
- Romania operating netback - negative $55.66/boe (31 March 2023 - $26.59/boe)
- Tunisia operating netback - $40.16/boe (31 March 2023 - $43.92/boe)
- Capital expenditures of $0.3 million for the three months ended 31 March 2024 (31 March 2023 - $2.4 million)
Operational
- Production in Chouech Es Saida continues to increase with the benefits of artificial lift programme
- Long lead items for the Sabria W-1 sidetrack have been ordered and are on schedule. Discussions are on-going with Compagnie Tunisienne de Forage (CTF), the state rig company, regarding availability of rigs to perform this sidetrack
- The Group completed lifting 62,930 bbl of Tunisian crude oil in the second half of March 2024 at an average price of $82.76/bbl with the cash proceeds of $3.2 million received in April 2024 (net of $2.0 million in monthly prepayments previously received)
- The Moftinu Gas Field continues to produce at naturally declining rates
- Production for the quarter averaged 635 boe/d, comprising:
- Romania - 49 boe/d
- Tunisia - 586 boe/d
- The Group continued its excellent safety record with no Lost Time Incidents in first quarter of 2024
- The Group has withdrawn from the Preferred Bidder status in Angola as it was unable to agree commercial terms with the Angolan authorities
Source: Serinus Energy
