Serinus Energy’s New Gas Discovery at Sancrai


Serinus Energy announced that the drilling of the Sancrai – 1 well has discovered gas. The drilling of the well has concluded achieving the total planned drilling depth of 1,600 metres.


The well was drilled five days ahead of schedule and approximately 19% below budget.

Continuous formation gas shows were recorded over 20 metres of gross pay over four sand intervals from the measured depths of 855 metres to 875 metres. At this drilling interval the measured total gas ranged from 5.5% to 11.1% with an estimated average porosity of between 23% and 27%. Open-hole petrophysical analysis undertaken during the drilling operations has further confirmed this gas-bearing Pliocene sand zone. The Company will now proceed to perforate and test the Pliocene sand zone prior to completing the well for future production.

This newly discovered gas field lies approximately 7.8 km to the south of the Moftinu Gas Development project and provides Serinus with a high value, high return development opportunity similar to the Moftinu Gas Development project. The close proximity of the Sancrai – 1 well to the Moftinu Gas Plant provides the Company with the option to bring this well onto commercial production while drilling additional appraisal development wells into the structure in order to fully delineate the gas field.

The Board of Directors and the Management of the Company are very pleased to have discovered a new gas field in Romania as it provides further affirmation of the Company’s belief that there are multiple shallow gas fields within the Satu Mare Concession Area.

 

Background

Sancrai-1 exploration well commenced drilling in Romania on 29 June 2021.

The Sancrai-1 well has been designed to test two prospective hydrocarbon zones. The Sancrai-1 well is the final commitment of the third exploration phase of the Satu Mare Concession.

The Sancrai-1 well is located on the southern flank of the Carei Basin, in the northern Satu Mare area.

Existing discoveries in the northern Satu Mare area, including the Company’s Moftinu gas field which is approximately 7.5 kilometres due south of the Sancrai-1 well, are similarly on the flanks of the Carei Basin, which is a proven hydrocarbon source. The Sancrai-1 exploration well is seeking to access further hydrocarbons on the migration path from the Carei Basin source kitchen and utilise the operational experience of the Moftinu gas plant to commercialise a discovery.

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