Serinus Energy Inc. has finalized a new 10 million Euro debt facility with the European Bank for Reconstruction and Development ("EBRD" or the "Bank").
The proceeds from this new facility (the "Romania Facility") will be used to fund the Company's capital program currently underway in the Satu Mare licence (Satu Mare) located in northwest Romania. Satu Mare is a 765,000 acre exploration block which is 60% owned and operated by Winstar Satu Mare SRL, a wholly owned subsidiary of Serinus.
The capital program includes the drilling, completion and testing of the Moftinu-1001 and 1002bis wells, and the Santau 3D seismic survey conducted in the last quarter of 2014, and will fulfil the Phase 2 work requirements associated with the Satu Mare licence. Pursuant to a farm-in agreement between Winstar Satu Mare and the other owner, the Company is funding 100% of these expenditures. Once the Phase 2 work requirements have been completed, all working interest owners will be responsible