Serinus Energy today announced that the drilling of the Sancrai - 1 well has discovered gas. The drilling of the well has concluded achieving the total planned drilling depth of 1,600 metres. The well was drilled five days ahead of schedule and approximately 19% below budget.

Continuous formation gas shows were recorded over 20 metres of gross pay over four sand intervals from the measured depths of 855 metres to 875 metres. At this drilling interval the measured total gas ranged from 5.5% to 11.1% with an estimated average porosity of between 23% and 27%. Open-hole petrophysical analysis undertaken during the drilling operations has further confirmed this gas-bearing Pliocene sand zone. The Company will now proceed to perforate and test the Pliocene sand zone prior to completing the well for future production.

This newly discovered gas field lies approximately 7.8 km to the south of the Moftinu Gas Development project and provides Serinus with a high value, high return development opportunity similar to the Moftinu Gas Development project. The close proximity of the Sancrai - 1 well to the Moftinu Gas Plant provides the Company with the option to bring this well onto commercial production while drilling additional appraisal development wells into the structure in order to fully delineate the gas field.

The Board of Directors and the Management of the Company are very pleased to have discovered a new gas field in Romania as it provides further affirmation of the Company's belief that there are multiple shallow gas fields within the Satu Mare Concession Area.

KeyFacts Energy: Serinus Energy Romania country profile