September 2 (SeeNews) - Oil and gas exploration company Serinus Energy said on Friday that it will suspend its exploration programme at the Canar-1 exploration well in Romania, as readings show it doesn't contain sufficient gas resources.
Well logging and gas show readings determined that these zones had indications of residual gas, but they do not contain sufficient gas resources to justify proceeding with the testing and completion programme for the well, Serinus said in a press release.
The well will now be suspended for potential future use as a water disposal well and the drilling rig mobilized to the Moftinu Nord-1 well location, it added.
The Canar-1 well was drilled to a total depth of 1,570 m, targeting three prospective hydrocarbon zones.
The company will now focus on successful drilling operations on the Moftinu Nord-1 well, which targets multiple sands within a different structure type to Canar-1. The well is located 5.2 km to the northwest of the Moftinu gas plant.
The Moftinu gas field, discovered by Serinus in 2014, is the catalyst for future, self-funded, growth in the Satu Mare concession, the company says. Satu Mare is a 729,000 acre exploration block which is 60% owned and operated by Winstar Satu Mare SRL, a wholly owned subsidiary of Serinus.