Serinus Energy Inc. (“Serinus”, “SEN” or the “Company”) (TSX:SEN, WSE:SEN) is pleased to announce that today the National Agency for Mineral Resources (“NAMR”), the Romanian regulator, has granted an additional extension approval for the Phase 3 Extension Addendum (the “Addendum”) for the Satu Mare License (“Satu Mare”) in northwest Romania. On October 31, 2016, the Company announced the approval of the Addendum but noted that the start of the three year term was retroactively set to May 28, 2015, the date that the Company originally applied for the extension. Given that the delay in the ratification of the approval was beyond the Company’s control, further applications were made to have the start of the three-year period set at the date of approval. The Company has been notified by NAMR that the new start date of the three-year Addendum term has been established as of October 20, 2016.
Satu Mare contains the Moftinu natural gas discovery made by the Company in 2015 and the rest of the block has significant exploration potential. The Addendum will allow Serinus to proceed with development of that discovery and to advance its exploration efforts.
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
Director, External Relations
|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.