Backgroud
The Satu Mare licence is approximately 2,950 km2 onshore Northern Romania. The Satu Mare Concession (729,000 gross acres, Serinus deemed 100% WI) is one of the largest exploration blocks in Romania, lying on a prolific oil and gas trend in the Eastern Pannonian Basin. Satu Mare possesses a wealth of different plays that are actively producing along the same trend, including: shallow amplitude-supported gas reservoirs; conventional siliciclastic oil reservoirs; and fractured-basement oil and gas reservoirs. The Moftinu gas field (discovered by Serinus in 2014) is the catalyst for future, self-funded, growth in the Satu Mare concession, with first production scheduled for early Q2 2019.
The Moftinu discovery is a shallow-gas multi-zone field discovered by Serinus in 2014. Five unsuccessful legacy wells had been previously drilled on and around the structure during the 1970s, but it wasn’t until the acquisition of 3D seismic in 2012 that the structure and target reservoirs could be properly defined, primarily through the use of direct hydrocarbon indicators from seismic amplitudes. The 3D seismic program of 2012 was instrumental in accurately defining and de-risking the traps of the Moftinu discovery.
Hydrocarbons have been produced to surface at commercial rates, on test, in several legacy wells throughout the block. These discoveries represent significant low-risk exploration and development opportunities with the future application of modern geophysical techniques, well-log evaluations and drilling and completion technology.
Brief Introduction
Location of gas field: Northern Romania
Gas field reserves: 14.8 Bcf of 2P Reserves
Current rights and interests
Serinus Energy: Operator with 100% interest
Expected workload
First gas expected early Q2 2019. Project is under construction – awaiting delivery and tie-in of Low Temperature Separation (LTS) and Triethylene Glycol (“TEG”) units (delayed by manufacturing subcontractor).
Three production wells tied-in and awaiting plant start-up: Moftinu – 1000: tested at 1.96 MMscf/d; Moftinu – 1003: tested at 6.30 MMscf/d; Moftinu – 1007: tested at 5.66 MMscf/d.
Facilities: Nominal 15.9 MMscf/d ( 450,000 m3 /day) initial capacity, Dehydration, NGL/Condensate recovery, 3.1 km tie-in to Transgaz system - completed.
3-D Seismic and drilling have identified 8 gasbearing sand formations in the Moftinu structure, of which 4 of these formations have been tested.
As plant capacity becomes available, shallow infill wells will be drilled to target specific formations.
26 Apr 2019, Serinus Energy has announced that production has commenced at the Moftinu Gas Plant in Romania. The Company will follow a conventional start-up program whereby production parameters and plant performance will be stabilized, after which gas from the Moftinu 1007 well will be also be brought onto production and flowed through the gas plant. During the start-up and stabilization period gas will be sold on a daily basis.