The Satu Mare Concession (729,000 gross acres, Serinus 60% WI) is one of the largest exploration blocks in Romania, lying on a prolific oil and gas trend in the Eastern Pannonian Basin. Satu Mare possesses a wealth of different plays that are actively producing along the same trend, including: shallow amplitude-supported gas reservoirs; conventional siliciclastic oil reservoirs; and fractured-basement oil and gas reservoirs. The Moftinu gas field (discovered by Serinus in 2014) is the catalyst for future, self-funded, growth in the Satu Mare concession, with first production scheduled for 2018.
The Satu Mare concession is on trend with numerous commercial oil and gas fields. There are four areas of interest for future exploration and development, prioritized as follows: (1) the Berveni AOI, which possesses near-term exploration and development potential from shallow amplitude-supported gas plays; (2) the Santau-Madaras AOI, which represents near- to medium-term exploration potential in stratigraphic and structural traps with previously uncommercialized oil discoveries; (3) the Nusfalau AOI, which is a long-term exploration opportunity for large accumulations of stratigraphically trapped oil, similar to Suplacu de Barcau (162 MM BOE recoverable); and (4) the Babesti AOI, which is a long-term exploration opportunity for large gas accumulations in deep stratigraphic and structural traps.