JERSEY, Channel Islands, Feb. 26, 2019 (GLOBE NEWSWIRE) -- Serinus Energy plc (“Serinus”, “SEN” or the “Company”) (AIM:SENX, WSE:SEN), announces an operational update for the Moftinu gas Project in Romania.
On 25 February 2019 Serinus filed a suit against subcontractors for various delays and contractual breaches with regard to the manufacturing of the Low Temperature Separation (“LTS”) and Triethylene Glycol (“TEG”) units (together the “Units”). Given the failure of the sub-contractors to advance the fabrication and documentation for certification of the Units, the Company made the decision to have the Units transported to Romania where the EPC Contractor, Confind SRL (“Confind”) would endeavour to complete what was considered at the time to be minor remaining completion and testing work on the Units. The Units were delivered to the Confind fabrication yard on 28 January 2019. After unpacking and reassembling the units Confind began the process of inspection and testing, at which time it was determined that the fabrication of the Units was much more incomplete than expected.
During the inspection, it was discovered that numerous components were missing from the units, some instruments were not properly calibrated to design specifications, and some fabrication work had to be redone to correct subpar fabrication work. The Company and the EPC Contractor have worked diligently to complete the remedial work, procure the missing components and complete final assembly. Once this work is completed, the Units will undergo a complete sequence of testing in the Confind fabrication yard. The completion, testing and certification of the Units are expected to take two weeks from today subject to the revelation of no further issues whilst testing the Units.
Subject to procurement and testing the Company expects the Units to be moved to the Moftinu Gas Plant in early to mid-March. Once onsite it is expected that assembly and installation will take approximately one week. The commissioning of the units will then be undertaken with gas production flowing through the plant and into the Transgaz system for sale.
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 Calvin Brackman, Vice President, External Relations & Strategy | +1-403-264-8877 |
| Numis Securities Limited (Nominated Adviser and Joint Broker) John Prior Paul Gillam Ben Stoop | +44 (0) 20 7260 1000 |
| GMP FirstEnergy (Joint Broker) Hugh Sanderson Jonathan Wright | +44 (0) 20 7448 0200 |
| Camarco (Financial PR) Billy Clegg Owen Roberts | +44 (0) 20 3781 8334 |
| TBT i Wspólnicy (Financial PR - Warsaw) Piotr Talarek | +48 22 487 53 02 |
Forward Looking Statement Disclaimer
This news release includes forward looking information and statements within the meaning of securities laws. Such statements relate to the Corporation’s or management’s objectives, projections, estimates, expectations, or predictions of the future and can be identified by words such as “plans”, “assumes”, “will”, “anticipate” and “may” or variations of such words. These statements are based on certain assumptions and analyses by the Corporation that reflect its experience and understanding of future developments. Such statements are subject to a number of uncertainties, including, but not limited to, continued listing on the Warsaw Stock Exchange and AIM, the Corporation’s ability to realize the anticipated benefits of the delisting and other factors identified in the Corporation’s filings with regulatory authorities in Canada. Many of these uncertainties are beyond the Corporation’s control and, therefore, may cause actual actions or results to differ from those expressed or implied herein. The Corporation disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, unless required by law.
Translation: This news release has been translated into Polish from the English original.