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Serinus signs contract for Tunisia drilling campaign

12th March 2014

Serinus Energy has signed a drilling contract with Pergemine or the use of a 2,000 horsepower IDECO-E2100 drilling rig for the Company's 2014 drilling campaign at the Sabria Field

Serinus Energy has signed a drilling contract with Pergemine or the use of a 2,000 horsepower IDECO-E2100 drilling rig for the Company's 2014 drilling campaign at the Sabria Field. The spud date of the first well, Winstar-12bis, is anticipated in late May 2014.

The Sabria Field, located in west-central Tunisia, is a mixed structural-stratigraphic feature north of the regional Telemzane arch in the prolific Ghadames Basin of central Tunisia and is east-west trending.

While the Sabria Field was discovered in 1979, only six wells have been drilled in to the field to date, four of which were drilled between 1979 and 1983. The Sabria Field began producing in 1998, and as at December 31, 2013 had produced 4.54m barrels. Current production is 648 barrels of oil equivalent per day of 42 degrees API gravity oil and associated gas (291 boe/d Winstar Tunisia) from our wells.

The drilling rig is currently in Gabes, Tunisia, approximately 175 kilometres to the northeast of Sabria preparing for its mobilisation to the Winstar-12bis location. It is estimated that the rig will arrive at the Winstar-12bis location in early May. Winstar-12bis will be drilled to a depth of 3,830 metres to evaluate the Lower Ordovician Hamra and El Atchane sandstone reservoirs.

Upon completion of Winstar-12bis, the drilling rig will be moved 2.5 kilometres southwest to drill the Winstar-13 well. Winstar-13, which is expected to be drilled vertically to a depth of approximately 3,830 metres, will also evaluate the potential of Lower Ordovician Hamra and El Atchane sandstone reservoirs.

 

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