Serinus Energy plc announce that the Company’s wholly-owned subsidiary, Serinus Energy Romania S.A. has signed a Gas Sales Agreement with Vitol Gas and Power BV for the quantities of its forthcoming gas production, which are not required to be sold on a centralised market, from the Moftinu Gas Project in Romania. The term of this agreement will be from the start of production until the end of the following gas year (this being from October to the end of September of a given year and represents Transgaz annual pipeline capacity booking season), with the option to extend after that time. The Agreement calls for the gas pricing linked to an average of transactions concluded on the centralized markets of Romania. The Agreement also provides the Company with flexibility in nominating quantities for each delivery month, which is especially important for the commissioning period of the Moftinu gas plant and for meeting the Company’s legislated market obligations to sell the remaining quantities directly into the centralized markets of Romania. 

There are two established gas trading markets in Romania where the Company is a member and through which it will sell its remaining production in the open market, once production has commenced.