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    SENX   JE00BF4N9R98

SERINUS ENERGY PLC

(SENX)
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Serinus Energy : Interim Results for the nine months ended 30 September 2021

11/29/2021 | 02:10am EST

29 November 2021

Press Release

Interim Results for the nine months ended 30 September 2021

Jersey, Channel Islands, 29 November 2021 --Serinus Energy plc ("Serinus" or the "Company") (AIM:SENX, WSE:SEN) announces the release of its interim results for the nine months ended 30 September 2021.

Financial

  • Revenue for the nine months ended 30 September 2021 was $25.7 million (30 September 2020
    • $18.2 million)
  • The Company generated net income of $0.8 million (30 September 2020 - loss of $13.7 million)
  • Funds from operations for the nine months ended 30 September 2021 was $7.8 million (30 September 2020 - $5.9 million)
  • EBITDA for the nine months ended 30 September 2021 was $8.9 million (30 September 2020
    • $6.4 million)
  • Gross profit for the nine months ended 30 September 2021 was $4.4 million (30 September 2020 - gross loss $1.7 million)
  • Commodity prices remain strong, with October average Brent price of $83.54/bbl and October average Day Ahead Romania BRM gas price of $30.34/Mcf. The Company realised a net price of $52.62/boe for the nine months ended 30 September 2021, comprising:
  1. Realised oil price - $61.69/bbl
    1. Realised natural gas price - $8.26/Mcf
  • The Group's operating netback remained strong for the nine months ended 30 September 2021 and was $34.13/boe (30 September 2020 - $16.51/boe), comprising:
    1. Romania operating netback - $37.79/boe (30 September 2020 - $18.18/boe)
    1. Tunisia operating netback - $26.05/boe (30 September 2020 - $11.48/boe)
  • Capital expenditures of $9.3 million (30 September 2020 - $3.7 million), comprising:
    1. Romania - $8.5 million
    1. Tunisia - $0.8 million
  • Cash balance as at 30 September 2021 was $6.4 million

Operational

  • On 23 August 2021 the Company announced that Mr. Stuart Morrison was appointed Chief Operating Officer, bringing over 30 years of operational oil and gas industry experience to the Company
  • In Tunisia the Artificial Lift programme continues to be advanced with the first pump, destined to be installed in the Sabria-W1 well, to be delivered in the first quarter of 2022. Immediately upon receipt of the pump the Company will begin the workover activities for the installation of this pump
  • Serinus has designed and commenced permitting for a new 2D seismic acquisition programme to support the drilling of up to three prospects adjacent to the Moftinu field. Subject to well permitting approvals, the Company intends to begin this multi-well drilling programme in the latter half of 2022
  • Installation of compression on the Moftinu gas field commenced during the last week of October 2021, on the Moftinu-1003 well. It is expected that this and further compression will enhance production from current levels, mitigate production decline and extend field life
  • On 07 October 2021 the Company announced that it had incorporated a new gas trading subsidiary, Serinus Energy Romania Trading S.r.l
  • Sancrai-1will remain suspended while analysis of the drilling results, petrophysics and seismic data continues. While this work is ongoing the Company will accelerate the drilling of three prospects adjacent to the Moftinu gas field
  • Production for the period averaged 1,810 boe/d, comprising:
    1. Romania - 1,242 boe/d o Tunisia - 568 boe/d
  • Serinus has continued to operate safely and effectively through the COVID-19 pandemic, with the successful implementation of operational and monitoring protocols to ensure the health and safety of our employees

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 Officer Andrew Fairclough, Chief Financial Officer

Calvin Brackman, Vice President, External Relations & Strategy

Arden Partners plc (Nominated Adviser & Joint Broker) Paul Shackleton (Corporate Finance)

Tim Dainton (Equity Sales)

Shore Capital Stockbrokers Limited (Joint Broker) Toby Gibbs / John More (Corporate Advisory) George Fraser (Equity Sales)

Camarco (Financial PR - London)

Owen Roberts

Phoebe Pugh

TBT i Wspólnicy (Financial PR - Warsaw)

Katarzyna Terej

Forward Looking Statement Disclaimer

+44 204 541 7859

+44 207 614 5900

+44 207 408 4090

+44 203 781 8334

+48 602 214 353

2

This release may contain forward-looking statements made as of the date of this announcement with respect to future activities that either are not or may not be historical facts. Although the Company believes that its expectations reflected in the forward-looking statements are reasonable as of the date hereof, any potential results suggested by such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors that could impair or prevent the Company from completing the expected activities on its projects include that the Company's projects experience technical and mechanical problems, there are changes in product prices, failure to obtain regulatory approvals, the state of the national or international monetary, oil and gas, financial , political and economic markets in the jurisdictions where the Company operates and other risks not anticipated by the Company or disclosed in the Company's published material. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties, and actual results may vary materially from those expressed in the forward-looking statement. The Company undertakes no obligation to revise or update any forward-looking statements in this announcement to reflect events or circumstances after the date of this announcement, unless required by law.

Translation: This news release has been translated into Polish from the English original.

3

Serinus Energy plc

Third Quarter Report and Accounts 2021

(US dollars)

4

THIRD QUARTER 2021 HIGHLIGHTS

FINANCIAL

  • Revenue for the nine months ended 30 September 2021 was $25.7 million (30 September 2020 - $18.2 million)
  • The Company generated net income of $0.8 million (30 September 2020 - loss of $13.7 million)
  • Funds from operations for the nine months ended 30 September 2021 was $7.8 million (30 September 2020 - $5.9 million)
  • EBITDA for the nine months ended 30 September 2021 was $8.9 million (30 September 2020 - $6.4 million)
  • Gross profit for the nine months ended 30 September 2021 was $4.4 million (30 September 2020 - gross loss $1.7 million)
  • Commodity prices remain strong, with October average Brent price of $83.54/bbl and October average Day Ahead Romania BRM gas price of $30.34/Mcf. The Company realised a net price of $52.62/boe for the nine months ended 30 September 2021, comprising:
  1. Realised oil price - $61.69/bbl
    1. Realised natural gas price - $8.26/Mcf
  • The Group's operating netback remained strong for the nine months ended 30 September 2021 and was $34.13/boe (30 September 2020 - $16.51/boe), comprising:
    1. Romania operating netback - $37.79/boe (30 September 2020 - $18.18/boe)
    1. Tunisia operating netback - $26.05/boe (30 September 2020 - $11.48/boe)
  • Capital expenditures of $9.3 million (30 September 2020 - $3.7 million), comprising:
    1. Romania - $8.5 million
    1. Tunisia - $0.8 million
  • Cash balance as at 30 September 2021 was $6.4 million

OPERATIONAL

  • On 23 August 2021 the Company announced that Mr. Stuart Morrison was appointed Chief Operating Officer, bringing over 30 years of operational oil and gas industry experience to the Company
  • In Tunisia the Artificial Lift programme continues to be advanced with the first pump, destined to be installed in the Sabria-W1 well, to be delivered in the first quarter of 2022. Immediately upon receipt of the pump the Company will begin the workover activities for the installation of this pump
  • Serinus has designed and commenced permitting for a new 2D seismic acquisition programme to support the drilling of up to three prospects adjacent to the Moftinu field. Subject to well permitting approvals, the Company intends to begin this multi-well drilling programme in the latter half of 2022
  • Installation of compression on the Moftinu gas field commenced during the last week of October 2021, on the Moftinu-1003 well. It is expected that this and further compression will enhance production from current levels, mitigate production decline and extend field life
  • On 07 October 2021 the Company announced that it had incorporated a new gas trading subsidiary, Serinus Energy Romania Trading S.r.l
  • Sancrai-1will remain suspended while analysis of the drilling results, petrophysics and seismic data continues. While this work is ongoing the Company will accelerate the drilling of three prospects adjacent to the Moftinu gas field
  • Production for the period averaged 1,810 boe/d, comprising:
    1. Romania - 1,242 boe/d o Tunisia - 568 boe/d
  • Serinus has continued to operate safely and effectively through the COVID-19 pandemic, with the successful implementation of operational and monitoring protocols to ensure the health and safety of our employees

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Serinus Energy plc published this content on 29 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2021 07:09:05 UTC.


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Jeffrey David Auld President, CEO & Non-Independent Director
Andrew John Fairclough CFO & Non-Independent Executive Director
Lukasz Antoni Redziniak Chairman
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James Edward Arthur Causgrove Independent Non-Executive Director
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