Wednesday, October 30, 2013

Serinus Energy Inc. - SEN.t

Serinus Energy Inc. - SEN.t is an international oil and gas exploration and production company dual listed on the Warsaw Stock Exchange and Toronto Stock Exchange. The corporate portfolio comprises 13 operated licenses in 5 countries and covers the full-cycle of upstream value chain - from high impact exploration potential through appraisal and development to constantly increasing production.

On October 29, 2013 the company reported News

Ukraine – Olgovskoye-24 Well Cased As Potential Producer

Serinus Energy Inc. (“Serinus”, “SEN” or the “Company”), an international upstream oil and gas exploration and production company,is pleased to report that the Olgovskoye-24 (“O-24”) well has been cased to total depth (“TD”) as a potential gas producer. The O-24 well is operated by KUB-Gas LLC (“KUB-Gas”), a partially-owned subsidiary in which Serinus has an effective 70% ownership interest through its 70% shareholding of KUBGas Holdings Limited.

The O-24 well commenced drilling in August with an original planned TD of 2,900 metres with the principal target being the Bashkirian B6 zone. During the course of the drilling it was decided to deepen the well to penetrate the Serpukhovian as the Company believed that the zone discovered in the O-15 well extended to the northwest. Consequently the O-24 well was drilled to a final TD of 3,300 metres and logged. The logs indicate 15 metres of potential pay in 4 different zones within the Bashkirian and Serpukhovian. Production testing of the well is scheduled to occur prior to year end. The main target of the well, the B6 sandstone currently producing in the O-12 well, was encountered at a depth of 2,285 metres with a gross thickness of 22 metres and with 5 metres of gas pay interpreted on logs. The S6 zone, encountered at a depth of 3,162 metres, is also sandstone with a gross thickness of 10 metres and with 3.5 metres of gas pay interpreted on logs. In addition potential pay was interpreted on the logs in the R30c and the B4b zones. The O-24 well is located approximately 1 kilometre to the northwest of the Olgovskoye-12 well, a B6 zone gas discovery which reached TD in September 2011 and which is currently producing more than 3.5 million cubic feet per day (“MMcf/d”) (2.45 MMcf/d net to Serinus’ 70% interest).