Operational Update – Romania
JERSEY, Channel Islands, Nov. 26, 2018 (GLOBE NEWSWIRE) — Serinus Energy plc (“Serinus”, “SEN” or the “Company”) (AIM:SENX, WSE:SEN), announces an update in respect of its Romanian Operations.
As previously announced on 18 October, the Moftinu gas plant is complete and able to operate at pressure with sustained production, but is waiting for the installation of the Low Temperature Separation (“LTS”) unit and the Triethylene Glycol (“TEG”) unit (together, the “Units”).
As also previously announced on the 18 October 2018, the Company had been provided with a timeline by its EPC Contractor (“Contractor”) that the Factory Acceptance Tests for the Units would be conducted at the manufacturing facility in Canada on or around 17 November 2018 and the Units would be loaded onto a freighter for shipment to Bremerhaven, Germany, on or around 22 November 2018, with installation, commissioning and production anticipated for December 2018.
Following recent communication with its Contractor, the Company, while it continues to believe that once the Units are installed it will be in a position to move to full production, now has no confidence in its Contractor to achieve the previously communicated timetable.
The Company is making every effort to expedite the Units to site with a view to achieving first production as soon as possible. At the Company’s insistence, the Contractor has sent a representative to the manufacturing facility to provide a thorough in-person evaluation of the achieved progress of the units, the status and completion plan going forward, and a definitive date of delivery of the units. The EPC contractor has reported back to the Company that while progress on the units has been achieved in regards the spooling, assembly, hydrotesting, and painting of the units, the installation of the insulation and electrical still needs to be completed prior to the Factory Acceptance Tests of the Units.
Serinus is an international upstream oil and gas exploration and production company that owns and operates projects in Tunisia and Romania.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (“MAR”).
For further information, please refer to the Serinus website (www.serinusenergy.com) or contact the following:
|Serinus Energy plc||+1-403-264-8877|
|Jeffrey Auld, Chief Executive Officer|
|Calvin Brackman, Vice President, External Relations & Strategy|
|Numis Securities Limited||+44 (0) 20 7260 1000|
|(Nominated Adviser and Joint Broker)|
|GMP FirstEnergy||+44 (0) 20 7448 0200|
|Camarco||+44 (0) 20 3781 8334|
|TBT i Wspólnicy||+48 22 487 53 02|
|(Financial PR – Warsaw)|
Forward Looking Statement Disclaimer
This news release includes forward looking information and statements within the meaning of securities laws. Such statements relate to the Corporation’s or management’s objectives, projections, estimates, expectations, or predictions of the future and can be identified by words such as “plans”, “assumes”, “will”, “anticipate” and “may” or variations of such words. These statements are based on certain assumptions and analyses by the Corporation that reflect its experience and understanding of future developments. Such statements are subject to a number of uncertainties, including, but not limited to, continued listing on the Warsaw Stock Exchange and AIM, the Corporation’s ability to realize the anticipated benefits of the delisting and other factors identified in the Corporation’s filings with regulatory authorities in Canada. Many of these uncertainties are beyond the Corporation’s control and, therefore, may cause actual actions or results to differ from those expressed or implied herein. The Corporation disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, unless required by law.
Translation: This news release has been translated into Polish from the English original.