Serinus Energy plc Announces Romania Operational Update
26 2월 2019 - 4:00PM
Serinus Energy plc (“
Serinus”,
“
SEN” or the “
Company”)
(AIM:SENX, WSE:SEN), announces an operational update for the
Moftinu gas Project in Romania.
On 25 February 2019 Serinus filed a suit against
subcontractors for various delays and contractual breaches with
regard to the manufacturing of the Low Temperature Separation
(“LTS”) and Triethylene Glycol (“TEG”) units (together the
“Units”). Given the failure of the sub-contractors to advance the
fabrication and documentation for certification of the Units, the
Company made the decision to have the Units transported to Romania
where the EPC Contractor, Confind SRL (“Confind”) would endeavour
to complete what was considered at the time to be minor remaining
completion and testing work on the Units. The Units were
delivered to the Confind fabrication yard on 28 January 2019.
After unpacking and reassembling the units Confind began the
process of inspection and testing, at which time it was determined
that the fabrication of the Units was much more incomplete than
expected.
During the inspection, it was discovered that
numerous components were missing from the units, some instruments
were not properly calibrated to design specifications, and some
fabrication work had to be redone to correct subpar fabrication
work. The Company and the EPC Contractor have worked diligently to
complete the remedial work, procure the missing components and
complete final assembly. Once this work is completed, the Units
will undergo a complete sequence of testing in the Confind
fabrication yard. The completion, testing and certification
of the Units are expected to take two weeks from today subject to
the revelation of no further issues whilst testing the
Units.
Subject to procurement and testing the Company
expects the Units to be moved to the Moftinu Gas Plant in early to
mid-March. Once onsite it is expected that assembly and
installation will take approximately one week. The
commissioning of the units will then be undertaken with gas
production flowing through the plant and into the Transgaz system
for sale.
About Serinus
Serinus is an international upstream oil and gas
exploration and production company that owns and operates projects
in Tunisia and Romania.
For further information, please refer to
the Serinus website (www.serinusenergy.com) or contact the
following:
Serinus Energy
plc Jeffrey Auld, Chief Executive OfficerCalvin
Brackman, Vice President, External Relations & Strategy |
+1-403-264-8877 |
Numis Securities Limited (Nominated Adviser and
Joint Broker)John PriorPaul GillamBen Stoop |
+44 (0) 20
7260 1000 |
GMP
FirstEnergy(Joint Broker)Hugh SandersonJonathan
Wright |
+44 (0) 20
7448 0200 |
Camarco(Financial PR)Billy CleggOwen Roberts |
+44 (0) 20
3781 8334 |
TBT
i Wspólnicy (Financial PR - Warsaw)Piotr Talarek |
+48 22 487
53 02 |
Forward Looking Statement
DisclaimerThis 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.
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