- Serinus Energy has been granted a 12-month extension on the third exploration phase of the Satu Mare Concession in Romania and is proceeding with the drilling of the Moftinu-1004 well in the first quarter of 2020.

The third exploration phase was set to expire on 26 October 2019, with the company having to fulfil all work commitments for this phase by this date, including the completion of a minimum of 120 km2 3D seismic acquisition programme.

It applied to the National Agency of Mineral Resources in Romania for the granted 12-month extension to allow sufficient time to complete the seismic program and fulfil all commitments for this phase.

The current phase will now expire on 28 October 2020.

Having been granted the extension, Serinus anticipates that the seismic acquisition program will now commence in the second quarter of next year, when it said there will be more favourable weather and ground conditions in which to perform the survey.

At 9:40am: [LON:SENX] Serinus Energy Plc Ord Npv share price was 0p at 9.5p

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