Serinus Energy PLC said on Tuesday it has completed drilling the Moftinu – 1007 well in Romania to a planned depth of 1,463 metres according to schedule and 20% below budget.
The drilling rig has been released and a snubbing unit has been mobilised to perform well completion operations. Log analysis undertaken during the drilling operations have identified three gas-bearing Pilocene zones.
The A3 sand formation was intersected from 736 metres to 738 metres, the A2 from 809 metres to 813 metres and the A1 8834 metres to 898 metres.
Well completion and testing operations will last around two weeks, allowing added testing time for enough pressure to build-up in the producing zones.
In addition, construction of the Moftinu gas plant is proceeding, with the fiscal metering skid installation in the final stage and the operator transfer process of the sales gas line to Transgaz underway.
Serinus expects the pre-commissioning and commissioning of the gas plant with first gas from Moftinu-1000 to take place in late June. This will result in the company producing and delivering gas from both Moftinu – 1000 and Moftinu – 1007 wells to the Transgaz system by the second half of July.
Finally, Serinus has started the civil works needed to prepare Moftinu – 1003 for drilling, and is expected to last for four weeks once construction has actually begun.
Shares in Serinus Energy down 4.6% at 15.5 pence on Tuesday.