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Serinus Energy PLC - Jersey-based upstream oil and gas exploration and production company - Says the two-well exploration programme in Romania continues to progress towards the start of drilling. It says the roads and drilling platforms at both Canar-1 and Moftinu Nord-1 have been completed, including the installation of the drilling conductor pipe at both wells.
It expects rig mobilisation to be completed between July 4-7. It expects the drilling of the Canar-1 well to start on schedule in mid-July. Then Serinus Energy will follow up Canar-1 with the drilling of Moftinu Nord-1.
The Canar-1 well is located 4.0 kilometres to the west of the Moftinu gas plant, while the Moftinu Nord-1 well is located 5.2 km to the northwest of the Moftinu gas plant. The company says if susccessful, production from each well will be connected to the Moftinu gas plant, utilising current excess plant capacity.
Current stock price: 12.97 pence, up 3.7% on Wednesday
12-month change: down 48%
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