Oil, Gas and Consumable Fuels
Company Overview of Serinus Energy Inc.
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...
700-4th Avenue SW
Calgary, AB T2P 3J4
Key Executives for Serinus Energy Inc.
Chief Executive Officer
Total Annual Compensation: $468.0K
Chief Operating Officer and Executive Vice President
Total Annual Compensation: $360.0K
President of Winstar Tunisia B V
Total Annual Compensation: $255.5K
Vice President of Operations & Engineering
Total Annual Compensation: $206.7K
Total Annual Compensation: $257.3K
Compensation as of Fiscal Year 2013.
Serinus Energy Inc. Key Developments
Serinus Energy Inc. Announces an Update on its Operations in Ukraine
Jun 27 14
Serinus Energy Inc. announced an update on its operations in Ukraine. Due to a deteriorating security situation, the company has decided to put developmental field operations on hold. Production will continue, but current drilling, workover and development activities will be wound down as they are either completed, or reach thresholds at which operations can be suspended safely with no risk to the assets and people involved, including: M-17 has been tied in to the new Makeevskoye Gas Plant, and is currently producing at a rate of 4.27 MMcf/d. That rate is expected to stabilize during the course of the next week. Production in Ukraine is currently approximately 34.2 MMcf/d. All further tie-ins' will be deferred until such time as it is deemed safe to resume active field operations. The S6 zone in the O-11 well has been perforated and testing commenced. Upon perforation the well had a strong air blow then flowed gas to surface. The well was shut in for a pressure build up and the pressure had not stabilized at the time of this release. No additional tests will be undertaken at this time; Surface casing has been set in the NM-4 well at a depth of 100.2 meters, and the rig has moved off. While the company continues to produce, sell and be paid for the gas sold, it is no longer prudent to continue these active operations in a situation where the security changes daily. In particular, the area immediately in and around Lugansk where the Vergunskoye and Krutogorovskoye fields (producing 0.4 MMcf/d and 0.6 MMcf/d respectively) are located is no longer controlled by the government and as a result production at the Vergunskoye field has been shut in. While the company continues to produce, sell and be paid for the gas sold, it is no longer prudent to continue these active operations in a situation where the security changes daily. In particular, the area immediately in and around Lugansk where the Vergunskoye and Krutogorovskoye fields (producing 0.4 MMcf/d and 0.6 MMcf/d respectively) are located is no longer controlled by the government and as a result production at the Vergunskoye field has been shut in.
Serinus Energy Inc. Commences Drilling of North Makeevskoye-4
Jun 18 14
Serinus Energy Inc. announced that the North Makeevskoye-4 (NM-4) exploration well commenced drilling on June 16, 2014. NM-4 is located approximately 3 kilometres west of the NM-3 well drilled in July 2013. It is a combination structural/stratigraphic play targeting Moscovian aged channel sands, defined from amplitude anomalies observed on 3D seismic data. The NM-4 prospect was estimated to have 1 Bcf of prospective resources (best estimate) by the Company's independent third party evaluator as at December 31, 2013. The planned total depth is 2,000 metres and the well is expected to take 41 days to drill.
Serinus Energy Inc. Completes the Production Testing on the S6 Sandstone in the Makeevskoye-17 (M-17) Well
Jun 11 14
Serinus Energy Inc. announced that production testing has been completed on the S6 sandstone in the Makeevskoye-17 (M-17) well, and the maximum flow rate achieved was 6.6 MMcf/d through an 8 mm choke at a flowing wellhead pressure of 2,970 psi. The well has been shut in for a pressure build up, after which the recorders will be retrieved and the well will be tied in for production. The M-17 well is operated by KUB-Gas LLC, a partially-owned subsidiary in which SEN has a 70% effective indirect ownership interest through its 70% shareholding of KUBGas Holdings Limited. M-17 represents a significant step out and possible reserve addition for the S6 interval. The well results suggest an expansion of the pool area to the north that will need verification with additional drilling. The pressure recorders will be retrieved via wireline within the next day or two, and M-17 is expected to be tied into the new Makeevskoye gas facility initially as an S6 producer by mid - July. Once the security situation in Ukraine stabilizes, the deeper S7 will be frac'ed, and the well dually completed as an S6/S7 producer. The workover rig is now in the process of moving to the Olgovskoye-11 (O-11) to begin completion and testing operations there. O-11 was cased as a potential producer in early June with logs indicating potential gas pay in four zones.
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