Serinus Energy discovers new gas field near Moftinu in Romania

Serinus Energy PLC on Thursday said the drilling of the Sancrai-1 well in Romania has discovered gas.

Shares in Serinus Energy were up 4.8% at 2.52 pence each in London on Thursday afternoon.

The drilling of the well has concluded, achieving the total planned drilling depth of 1,600 metres. The well was drilled five days ahead of schedule and approximately 19% below budget.

This newly discovered gas field lies about eight kilometres to the south of the Moftinu gas development project and provides Serinus with a high-value, high-return development opportunity similar to the Moftinu project, which it discovered back in 2014.

The upstream oil and gas exploration and production company owns and operates projects in Tunisia and Romania. It said the new gas field in Romania provides further affirmation of the company's belief that there are multiple shallow gas fields within the Satu Mare concession area.

Read the latest issue of the OGV Energy magazine HERE.