Serinus's Canar-1 well turns up dry
Serinus Energy completed its Canar-1 exploration well in north Romania, but found only residual gas shows that do not justify development, Serinus said September 2.
The onshore well, situated in Romania's Satu Mare concession, targeted three prospective hydrocarbon zones, reaching a total depth of 1,570 metres. While Canar-1 identified shows of residual gas, they were not enough for Serinus to finish its testing and completion programme.
Serinus's rig will now move on to drill the next exploration well in its Romanian campaign, Moftinu Nord-1. Moftinu Nord-1 will penetrate "multiple sands" formations, within a different structure type to Canar-1.
Moftinu Nord-1 is aimed at expanding the production base of Serinus's existing Moftinu gas field, which achieved first gas in 2019. If successful, the well is situated within reach of Moftinu's 15mn ft3/d gas processing plant, lying 5.2 km northwest.
As well as Romania, Serinus has upstream assets in Tunisia. In its first-half financial update on August 15, Serinus said 485 barrels of oil equivalent/day was extracted from Romanian assets from January to June, while 521 boe/d was produced in Tunisia. A realised net price of $154.83/boe for the six months, with Romania providing higher prices, helped lift Serinus's EBITDA result, from $5.5mn in H1 2021 to $8.1mn this year.