Serinus Energy Inc. Announces Production Results for the Month and Year Ended December 2013; Provides Capital Expenditure Guidance for the Fiscal 2014
Average production during the month of December 2013 was an estimated 4,986 boe/d, 61% higher than the 3,102 boe/d of net production during the same month in 2012. Ukraine working interest ("WI") production increased to an average of 21.1 million cubic feet per day ("MMcf/d") and 110 barrels per day ("bpd") of condensate (3,626 boe/d) in December 2013, up 17% from production levels for the same month in 2012 and 140% when compared to production levels for the equivalent period in 2011. Tunisia WI production, which was acquired in late June 2013, averaged 1,026 barrels of oil per day ("bopd") and 2.0 MMcf/d (1,360 boe/d) in December 2013.
The company expects its 2014 capital expenditure budget will exceed USD 55 million. Under the current work plan, this level of capital expenditures will allow Serinus to drill a minimum of 8 gross new wells in Ukraine, Tunisia and Romania. Capital expenditures in Tunisia will be funded through the company's financing arrangements with the European Bank of Reconstruction and Development ("EBRD"). Capital expenditures in Ukraine will be funded by Ukraine cash flow and capital expenditures in Romania will be funded by corporate cash flow.