Serinus Energy Inc. (“Serinus”, “SEN” or the “Company”) (TSX:SEN, WSE:SEN) announces that it has temporarily shut-in production at the Sabria field in Tunisia due to continued social unrest in the southern part of the country.
Protestors in the region are demanding employment and regional development initiatives from the government. These protest actions have blocked all roads leading to the southern oilfields of Tunisia including the Company’s Sabria field. As a result of the road blockages, the Company has been unable to ship its oil production to market and has resulted in the Company filling its storage tanks at Sabria to capacity.
It is unknown how long the production at Sabria will be shut-in, but the Company has maintained open communications with the government and other oil producers to closely monitor the situation. It is the Company’s hope that a solution to the social unrest can be achieved as soon as possible and the oil production in the region can resume to the benefit of the country of Tunisia and all its citizens.
The Company’s average net production at Sabria for the month of April was 630 BOE per day.
BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Serinus is an international upstream oil and gas exploration and production company that owns and operates projects in Tunisia and Romania.
For further information, please refer to the Serinus website (www.serinusenergy.com) or contact the following:
Translation: This news release has been translated into Polish from the English original.
Forward-looking Statements This release may contain forward-looking statements made as of the date of this announcement with respect to future activities that either are not or may not be historical facts. Although the Company believes that its expectations reflected in the forward-looking statements are reasonable as of the date hereof, any potential results suggested by such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors that could impair or prevent the Company from completing the expected activities on its projects include that the Company's projects experience technical and mechanical problems, there are changes in product prices, failure to obtain regulatory approvals, the state of the national or international monetary, oil and gas, financial , political and economic markets in the jurisdictions where the Company operates and other risks not anticipated by the Company or disclosed in the Company's published material. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties and actual results may vary materially from those expressed in the forward-looking statement. The Company undertakes no obligation to revise or update any forward-looking statements in this announcement to reflect events or circumstances after the date of this announcement, unless required by law.