Serinus Energy PLC - Jersey-based upstream oil and gas exploration and production company - Says it is suspending its Moftinu Nord-1 well in Romania after not finding sufficient gas resources. Cost of the drilling was $867,000, firm explains.

Further, confirms availability of CTF-04 rig in Tunisia ‘to perform the workover and installation of artificial lift for the W-1 well in Sabria. This rig is expected to be mobilized to the W-1 wellsite and commence work in the fourth quarter of 2022’. Says third-party study estimates mean gross initial production rate of 796 barrels of oil equivalent per day, with Serinus’s share being 358.

After about 60 days, it will perform the same work for Sabria N-2 well for 30 days for about 385 boepd, or 173 for the firm. Following, it is expected to perform work for the WIN-12bis well in Sabria in 2023 for 1,668 boepd, or 750 for Serinus.

Current stock price: 8.75 pence, down 24% on Tuesday

12-month change: down 57%

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