Project Profile

Value: US$14 million
Location: Northwest Romania, bordering Hungary
Area: 765,000 acres
Reserves: 9.5 bcf (269 mcm) of gas and 32 million barrels of oil (2017)
Start-up year: early 2018

The Satu Mare licence covers 765,000 acres in northwest Romania bordering Hungary, in which Winstar Satu Mare holds a 60% working interest. The concession contains a significant number of oil and gas tests including the Santau oil pool, and the company has developed over 50 leads and prospects thereon.

Production is anticipated to launch from two production wells, which will be constructed from appraisals Moftinu-1001 and Moftinu-1002bis. The latter encountered an estimated 765 mcm of gas in place contained at greater depths.

Operators:

Winstar Satu Mare (a wholly owned subsidiary of Serinus): Operator with 60% interest

Rompetrol: 40% interest


Contractors:

Tacrom Drilling SRL: Contract to provide Rig #3 for the drilling program