October 6 (SeeNews) - Oil and gas exploration company Serinus Energy said that it will suspend its exploration programme at the Moftinu Nord-1 gas well in Romania, as readings indicate the well doesn't contain sufficient gas resources.
Moftinu Nord-1 well was drilled to a total depth of 1,000 m, targeting four prospective hydrocarbon zones, Serinus said in a press release on Wednesday.
"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," the company explained.
Last month, Serinus suspended drilling at the nearby Canar-1 exploration well for the same reason.
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.
($=1.0078 euro)