Serinus Energy Inc., together with its subsidiaries, is engaged in the exploration and development of oil and gas properties. The company, through its 70% ownership interest in KUB-Gas LLC, holds four producing gas fields, two service rigs, and four gas processing facilities in the north-eastern part of Ukraine. Serinus Energy Inc. also owns a 100% working interest in the Chouech Essaida, Ech Chouech, Sanrhar, and Zinna concessions, and a 45% working interest in the Sabria concession located in Tunisia. In addition, it has a 90% interest in a production sharing agreement for Block L comprising 1,123 square kilometers in Brunei; and 60% working interest in the onshore Satu Mare concession cov...
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Serinus Energy Inc. Reports Earnings Results for the Second Quarter and First Half Ended June 30, 2014; Revises Production Guidance for the Year 2014 ; Reports Production Results for the Second Quarter of 2014
Aug 12 14
Serinus Energy Inc. reported earnings results for the second quarter and first half ended June 30, 2014. For the quarter, the company oil and gas revenue was $41,635,000 compared with $28,929,000 for the same period last year. Net income as reported was $8,733,000 or $0.11 per share, basic and diluted compared with $3,181,000 or $0.06 per share, basic and diluted for the same period last year. Net income allocable to the company was $5,344,000 or $0.07 per share, basic and diluted compared with $829,000 or $0.02 per share, basic and diluted for the same period last year. Cash flow from operations as reported was $20,840,000 or $0.27 per share, basic and diluted compared with $8,928,000 or $0.18 per share, basic and diluted for the same period last year. Cash flow from operations allocable to the company was $15,778,000 or $0.20 per share, basic and diluted compared with negative cash flow from operations allocable to the company of $4,078,000 or $0.08 per share, basic and diluted for the same period last year. Capital expenditures were $16,059,000 compared with $9,258,000 for the same period last year. Funds from operations in the second quarter were up 133% to $20.8 million against $8.9 million in second quarter of 2013. The amount allocable to SEN shareholders was $15.8 million. The company boosted net profit 2.1-fold year-on-year in second quarter of 2014 to $6.737 million.
For the first half, the company reported net loss of $9.419 million, driven by the hryvnia devaluation, compared with profit of $7.415 million a year previously. Revenue from sale of oil and gas grew by 34.5%, to $77.498 million.
The events in Ukraine this year have presented an unusual set of challenges for Serinus and its partners in 2014. These issues have resulted in the delay or deferral of a number of projects, and the company now expects to exit 2014 at a production rate of 6,000 boe/d. Previous guidance was for growth of 30% - 35% over the 2013 exit rate of 4,986 boe/d, or approximately 6,500 - 6,750 boe/d.
Production in the second quarter was 4,965 boe/d, up 56% compared to the second quarter of 2013, and 2% higher than the 4,849 boe/d in first quarter of 2014. The growth compared to the second quarter of 2013 was assisted by the acquisition of Winstar Resources.
Serinus Energy Inc. Commences Drilling of Winstar-12Bis Development Well
Jul 18 14
Serinus Energy Inc. announced that the Winstar-12bis development well has commenced drilling. WIN-12bis is located in the eastern portion of the Sabria Field in central Tunisia. The planned total depth is 3,900 metres and the well is expected to take 63 days to drill. WIN-12bis is the first of a 2 well drilling program by the company in the Sabria Field. The rig will move to the second location, Winstar-13, immediately after finishing WIN-12bis.
Serinus Energy Inc. Announces Operating Results for the Second Quarter of Fiscal 2014
Jul 10 14
Serinus Energy Inc. announced operating results for the second quarter of fiscal 2014. For the quarter, average corporate production was 4,964 boe/d (SEN WI), representing a 2% increase from 4,873 boe/d in the first quarter.