Serinus Energy, an international upstream oil and gas exploration and production company that owns and operates projects in Tunisia and Romania, has announced its financial results for the three months ended 31 March 2025.
Q1 2025 Highlights
Financial
- Revenue for the three months ended 31 March 2025 was $3.2 million (31 March 2024 - $4.6 million)
- EBITDA for the three months ended 31 March 2025 was $0.1 million (31 March 2024 - $0.9 million)
- Gross profit for the three months ended 31 March 2025 was $0.1 million (31 March 2024 - $1.0 million)
- Net loss for the three months ended 31 March 2025 was $0.9 million (31 March 2024 - $0.5 million)
- The Group realised a net price of $75.28/boe for the three months ended 31 March 2025 (31 March 2024 - $80.24/boe), comprising:
- Realised oil price - $72.74/bbl (31 March 2024 - $84.27/bbl)
- Realised natural gas price - $14.10/Mcf (31 March 2024 - $10.99/Mcf)
- The Group's operating netback decreased for the three months ended 31 March 2025 and was $24.60/boe (31 March 2024 - $33.04/boe) reflecting lower realised oil prices and lower production volumes in Tunisia while production in Romania remained stable, comprising:
- Tunisia operating netback - $27.29/boe (31 March 2024 - $40.16/boe)
- Romania operating netback - $1.52/boe (31 March 2024 - negative $55.66/boe)
- Capital expenditures of $0.1 million for the three months ended 31 March 2025 (31 March 2024 - $0.3 million)
- On 9 January 2025, the Group held a General Meeting whereby shareholders approved the allocation of new shares with 93.54% of shareholders voting in favour of a placing of 26,841,141 new ordinary shares at a price of 2.5 pence per share raising gross proceeds of $0.8 million.
Operational
- On 12 February 2025, the Superior Court of Cassation and Justice of Romania ruled in favour of Serinus Energy Romania vs. ANAF, in the case of the rejected VAT refunds (refer Operational Update for Romania within this Report)
- The court ordered ANAF to make payment of principle, interest and penalties within 45 days of the ruling. ANAF has breached the ruling and payment has yet to be received.
- Long lead items for the Sabria W-1 sidetrack have been ordered and received in country. 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 of 37,758 bbls of Tunisian crude oil in December 2024 at an average price of $74.19/bbl. Cash proceeds of $0.7 million were received in January 2025 (net of $2.1 million in monthly prepayments received previously)
- The Group has scheduled the next lifting for July 2025
- The Moftinu gas field maintains stable production from one well
- Production for the quarter averaged 481 boe/d, comprising:
- Tunisia - 427 boe/d
- Romania - 54 boe/d
- The Group continued its excellent safety record with no Lost Time Incidents in first quarter of 2025
Source: Serinus Energy
