Serinus Energy PLC will start seismic reprocessing on the Satu Mare concession in Romania after receiving approval from the National Agency for Mineral Resources (NAMR) for an additional 2-year evaluation phase.
Serinus will reprocess 160.9 km 2D seismic in the Madaras area at an estimated total cost of $100,000 in Phase 1 from Oct. 28, 2021 to Oct. 27, 2022 and reprocess 30.05 km of 2D seismic in the Santau-Nusfalau area at estimated total cost of $50,000 in Phase 2 from Oct. 28, 2022 to Oct. 27, 2023.
Serinus has completed all commitments under the third exploration phase which was extended by 1-year to Oct. 27, 2021 due to the Romanian state of emergency implemented during the pandemic (OGJ Online, Oct. 14, 2020).
The Satu Mare concession contains four areas of interest for future exploration and development: 1) the Berveni area of interest (AOI), which possesses near-term exploration and development potential from shallow amplitude-supported gas plays; 2) the Santau-Madaras AOI, which represents near- to medium-term exploration potential in stratigraphic and structural traps with previously uncommercialized oil discoveries; 3) the Nusfalau AOI, which is a long-term exploration opportunity for large accumulations of stratigraphically trapped oil, similar to Suplacu de Barcau (162 MMboe recoverable); and 4) the Babesti AOI, which is a long-term exploration opportunity for large gas accumulations in deep stratigraphic and structural traps.
Serinus has 100% working interest in the concession.