Serinus commences drilling in Moftinu-1001 well in Romania

Serinus commences drilling in Moftinu-1001 well in Romania

CALGARY, Alberta -- Serinus Energy has announced that the Moftinu-1001 exploration well, located in the Satu Mare Concession, in northwest Romania has commenced drilling.

 The planned total depth is 1,848 m and the well is expected to take 18 days to drill. The rig will move to the second location, Moftinu-1002bis, immediately after drilling and casing Moftinu-1001. Moftinu-1001 is the first of a two well drilling program by the company in that concession.

Both wells are following up on the Moftinu-1000 well drilled in 2012, which tested an aggregate of 1.6 MMcfd from two zones. Moftinu-1000 was drilled prior to the acquisition of 3D seismic over the area, and is located down dip of both the Moftinu-1001 and 1002bis wells.

The Moftinu-1001 and 1002bis locations have been selected using 3D seismic and are targeting Miocene and Pliocene aged sands at depths between 1,800 and 2,000 m, within structural closures in combination with seismic amplitude anomalies. Both wells are expected to be drilled and cased by the middle of December, and completion and testing will commence in late January 2015.

Serinus is also currently shooting an additional 180 sq km of 3D seismic in the Santau area within Satu Mare, immediately south of Moftinu. Acquisition is expected to be complete by Nov. 15, 2014, and processing and interpretation to be done during the first quarter of 2015.

Satu Mare is a 765,000 acre exploration block, located in northwest Romania, which is 60% owned and operated by Winstar Satu Mare, a wholly owned subsidiary of Serinus. The other 40% is owned by a subsidiary of KMG International.