Serinus Energy Inc. provides the following update for its two recently drilled wells in the 765,000 acre Satu Mare Concession in northwest Romania. Serinus has a 60% interest in and operates Satu Mare through its wholly owned subsidiary, Winstar Satu Mare SA.
As disclosed in the Company's press release of April 2, 2015, the Moftinu-1001 well achieved a maximum test rate of 7.4 MMcf/d and 19 bbl/d of condensate with only trace amounts of water from three Pliocene/Miocene aged sands with aggregate net pay of 26 metres. An analysis of the pressure transient data has been received which contains the following significant conclusions:
•The average reservoir pressure is 1,222 psi(a)
•There was no pressure depletion between initial conditions and after the production test.
•The transients did not indicate any reservoir boundaries
•The well has a skin factor of 8.5, indicating significant damage.