Serinus Energy makes oil discovery in Romania

Dec 10, 2014 12:00 AM

Serinus Energy has spudded a second exploration well in Romania.

The Moftinu 1001 well has been drilled within the 765,000 acre exploration block known as Satu Mare Concession.

Logs indicated a net pay of 17 metres at depths ranging from 730 to 900 metres.

The original planned total depth for Moftinu-1001 was 1,900 metres, intended to test the possibility of gas in pre Miocene (Eocene & Basement) structures, but mechanical difficulties encountered at 1,463 meters meant drilling deeper was not possible.

Jock Graham, executive vice president of Serinus, said: “We are very pleased with the quality and quantity of the sand packages encountered in Moftinu-1001, and look forward to the test results in February.

“This is the first step in confirming the potential of the Satu Mare block in northwest Romania, which we believe could grow to become a significant new operation and production unit for Serinus.”

The Satu Mare Concession is 60% owned and operated by Winstar Satu Mare SRL and 40% owned by a subsidiary of KMG International, a company with a wide variety of interests in the Romanian energy sector.

Serinus Energy said the well also encountered three additional zones between 500 and 600 metres with sand thickness of 23 metres.

The data was not conclusive as to the existence of hydrocarbons and further evaluation will need to be carried out.

Moftinu-1001 has now been cased, and completion and testing will commence in early February.

Serinus will file a completion and testing program with the Romanian regulators, and that approval is expected to be granted in January.

The drilling rig will now move to the Moftinu-1002bis location, which will be drill by the end of the month.

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