May 13 (SeeNews) - Oil and gas exploration company Serinus Energy said on Monday it expects to drill the Moftinu -1004 well in Romania's Satu Mare in late 2019 or early next year.
Drilling this well will allow the Moftinu Gas Plant to operate under an extended production plateau, Serinus said in a press release.
The company also said it has started permitting for a planned 3D-seismic survey over its Satu Mare concession in Romania. Serinus added it expects the survey to take place in the third or fourth quarter of this year and hopes to identify amplitude-supported shallow gas fields in which to target future exploration drilling.
Serinus began gas production at the Moftinu gas project in late April.
Serinus said the Moftinu Gas Development project offers a significant opportunity to materially increase both its production and its associated cash flow. Following the start-up period, and once gas volumes are more regular, gas will be sold on a monthly basis, it added.
In December, Serinus Energy announced it has signed a gas sales agreement with Vitol Gas and Power BV for part of its future output from the Moftinu project. The agreement targets gas quantities which are not required to be sold on a centralised market.
The Moftinu gas field, discovered by Serinus in 2014, is the catalyst for future, self-funded, growth in the Satu Mare concession, according to the company. 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.
Serinus is an international upstream oil and gas exploration and production company with a diversified portfolio of projects in Tunisia and Romania. The common shares of the company are traded on the stock exchanges in Warsaw and Toronto.