Serinus Energy Inc. (“Serinus” or the “Company”) today announced that a failure of the electrical submersible pump (“ESP”) for Well CS-3 on the Chouesh Es Saida Concession in Tunisia has resulted in a temporary loss of full production from this well. Despite the diligent efforts of the Company’s Tunisian technical team, it has been determined that a replacement ESP will be required to bring this well back onto production. The average daily production for the fourth quarter to date from this well has been 260 barrels of oil equivalent per day (“BOE/d”), with the total Company average daily production for the fourth quarter to date being 1,159 BOE/d. The Company is now in the process of procuring a replacement ESP for the well and will provide further updates once a definitive timetable for the resumption of production from the CS-3 well has been determined.
Cautionary Statement:
BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
About Serinus
Serinus is an international upstream oil and gas exploration and production company that owns and operates projects in Tunisia and Romania.
For further information, please refer to the Serinus website (www.serinusenergy.com) or contact the following:
| Serinus Energy Inc. – Canada
Calvin Brackman Director, External Relations Tel.: +1-403-264-8877 |
Serinus Energy Inc. – Poland
Jakub J. Korczak Vice President Investor Relations & Managing Director CEE Tel.: +48 22 414 21 00 |
Translation: This news release has been translated into Polish from the English original.
Forward-looking Statements This release may contain forward-looking statements made as of the date of this announcement with respect to future activities that either are not or may not be historical facts. Although the Company believes that its expectations reflected in the forward-looking statements are reasonable as of the date hereof, any potential results suggested by such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors that could impair or prevent the Company from completing the expected activities on its projects include that the Company’s projects experience technical and mechanical problems, there are changes in product prices, failure to obtain regulatory approvals, the state of the national or international monetary, oil and gas, financial , political and economic markets in the jurisdictions where the Company operates and other risks not anticipated by the Company or disclosed in the Company’s published material. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties and actual results may vary materially from those expressed in the forward-looking statement. The Company undertakes no obligation to revise or update any forward-looking statements in this announcement to reflect events or circumstances after the date of this announcement, unless required by law.