Polish oil company Serinus Energy plc (AIM:SENX, WSE:SEN), discovered gas at Sancrai-1 exploration well in northwestern Romania perimeter it operates, on July 15, but the testing programme was unable to record the flow of gas in the selected zones.

Therefore, it suspended explorations pending further technical studies to better understand the structure and evaluate the options available, Profit.ro reported.

Serinus shares corrected by more than 22% on the AIM market in London following the announcement.

Serinus operates, through its subsidiary Serinus Energy Romania (formerly Winstar Satu Mare), the Satu Mare hydrocarbon perimeter, where it has identified recoverable reserves of approximately 510 million cubic meters of natural gas, the equivalent of about 4% of the annual consumption of Romania.

Separately, the Polish company with operations in Romania and Tunisia, reported a pre-tax loss of USD 443,000 after the first half of the year, significantly reduced from USD 12.9 million in the first half of 2020. Revenues rose from USD 13.3 mln to USD 15.9 mln, despite a 19% drop in production, to a volume equivalent to 2,012 barrels of oil (boe) per day: 1,442 boe/d in Romania and 570 boe/d in Tunisia.

(Photo: Pichit Boonhuad/ Dreamstime)

andrei@romania-insider.com