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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.

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Facts

  • Romania has one of the most attractive fiscal regimes in the region with a sliding-scale royalty system ranging from 5% to 13%.
  • The largest Romanian oil field in the Pannonian Basin – Suplacu de Barcau (162 MMbbls recoverable*) – abuts the Satu Mare concession, and was likely sourced in part by hydrocarbons that were generated within the Satu Mare concession.

The oil and gas industry in Romania has a rich history of petroleum production. Romania was the first country in the world to officially record petroleum production and to develop the first industrial-scale refinery (1857).

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Reserves and Resources

3C Contingent resources, Serinus share: 15,549 MMscf (“Contingent Resources Evaluation: Romanian Properties of Serinus Energy as at December 31, 2016”, prepared by RPS) – attributed to the Moftinu development project

Highlights

  • The Moftinu discovery is a shallow-gas multi-zone field discovered by Serinus in 2014. Five unsuccessful legacy wells had been previously drilled on and around the structure during the 1970s, but it wasn’t until the acquisition of 3D seismic in 2012 that the structure and target reservoirs could be properly defined, primarily through the use of direct hydrocarbon indicators from seismic amplitudes. The 3D seismic program of 2012 was instrumental in accurately defining and de-risking the traps of the Moftinu discovery.
  • Additional near-term low-risk exploration potential has been identified in areas immediately adjacent to the Moftinu development. These opportunities share the same reservoir, trap, seal and charge characteristics as Moftinu. Repeatable successes are expected.

Hydrocarbons have been produced to surface at commercial rates, on test, in several legacy wells throughout the block. These discoveries represent significant low-risk exploration and development opportunities with the future application of modern geophysical techniques, well-log evaluations and drilling and completion technology.

Romania License Summary

ConcessionSerinus InterestAreaProduction
E IV-5 Satu Mare60%2,949 km2 (729,000 Acres)15 MMcf/d gas processing facility is under construction. First gas expected Q1 2018.