Share Name Share Symbol Market Type Share ISIN Share Description
Serinus Energy Plc LSE:SENX London Ordinary Share JE00BF4N9R98 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.20 6.67% 3.20 9,829,667 16:00:11
Bid Price Offer Price High Price Low Price Open Price
3.10 3.30 3.40 3.00 3.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 16.97 -0.22 -0.75 33
Last Trade Time Trade Type Trade Size Trade Price Currency
16:27:23 O 590,121 3.30 GBX

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14/4/202113:43Serinus Energy Plc218

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Serinus Energy Daily Update: Serinus Energy Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker SENX. The last closing price for Serinus Energy was 3p.
Serinus Energy Plc has a 4 week average price of 2.75p and a 12 week average price of 2.75p.
The 1 year high share price is 8.50p while the 1 year low share price is currently 2.05p.
There are currently 1,027,735,227 shares in issue and the average daily traded volume is 5,977,028 shares. The market capitalisation of Serinus Energy Plc is £32,887,527.26.
lazarus2010: TD...some of us agree! Has been flying under the radar somewhat, but CEO stated that he believes they are significantly undervalued, and it's not very often that a CEO makes any comment other than the likes of 'the share price will take care of itself' or 'it's for the market to set the price, not me'. The good thing is that they should be throwing off cash and are now debt free, and all cash can be used for future production and exploration and possibly dividends. GL.
thetoonarmy2: Maybe we need a non producing drill in Alaska that would get share price moving
market master: Romania is a relatively closed-off gas market and one that remains better known for its oil than its gas production. Major but expensive gas finds in the Black Sea such as OMV’s Neptun are taking time to come to market, partly owing to regulatory uncertainties about taxation and export opportunities a few years ago that sparked fury among the upstream community. It complained about regulatory uncertainty and threatened to quit. This has in passing given a break to smaller companies such as Serinus, active in Satu Mare, who have a longer window to exploit the potentially rich onshore resources – in aggregate possibly bigger than the Neptun find. CEO Jeffrey Auld told NGW in a March 18 interview: “These fields along the Hungarian border each with an average size of 4-5mn barrels of oil equivalent (boe) are little gold-mines. If you put a handful together, the rates of return are fantastic. We are getting good returns even at the bottom of the threshold and this is going to get better,” he said. The company is developing the Moftinu field where it has 3,000 km2 in the northwest of the country, close to the border with Hungary and Ukraine. The gas is relatively shallow at about 1 km beneath the surface; and it is sweet, comprising 97% methane with some condensates, which are a bonus, Auld said: “The above-ground installations are what you would see in Alberta or Oklahoma.” And it is close to the Transgaz high-pressure pipeline network, further saving costs on connections to the grid. The company, like most others in the sector, ran into difficulties last year with the onset of the pandemic. It began well with solid cash-flow, he said. Then oil and gas prices slumped, leaving the company with $33mn debt to service. But it renegotiated it at 50 cents to the dollar and repaid it which, after an equity raise, left it with $4.5mn. It spent $3mn on another development well. “The well we drilled, Moftinu-1008, was an excellent well and tested 4mn ft3/d. But that was not ideal use of the money: it was not going to be another well giving 6mn ft³/day.” The aim is to keep the Moftinu processing plant at around its capacity of 15mn ft³/d. The five wells so far are capable of producing an aggregate 22mn ft³/d. “Moftinu has reserves of about 2.8mn boe and it is the newest find. It came on stream in April 2019 and since then we have drilled two more wells. So there are Moftinu 1007 (2018), Moftinu-1003 (2018), Moftinu 1004 (2020) and most recently Moftinu-1008 (2021)]. “There are no existing wells, but there is a ton of seismic data that has been ignored. And there are many old oil wells and 2D and 3D seismic covering much of the Satu Mare concession. Old oil wells tended to bypass shallow gas as they targeted deeper oil plays. The -prospective resources are 73mn boe, risked; or 44mn boe on a P90 basis,” he said. Serinus is also planning an exploration well at Sancrai, which Auld says is an analogue of Moftinu, at a cost of $3mn. Gas resources initially in place are 8.2bn ft³ at P90 and 18.5bn ft³ at P50. Depending on the flow rate, the gas will either be tied back to the Moftinu processing plant, or a separate processing plant will be built to service production from more wells. Local issues Despite its reputation for non-EU compliant governance which is not unusual in the Balkans, Auld applauds the country’s efforts to improve. “Romania is a nascent EU member state. It is trying harder than some other countries and it is a benign place to operate. I’m very impressed. It is harder in Hungary, which is on the other side of the border from our Satu Mare licence and so has the same gassy prospects we are working on. “There is a lot of gas historically in Romania but it was not really the focus of anyone’s attention: oil was the attraction. So OMV (via Petrom) is operating the big onshore oil fields south of where we are, such as Seplacu de Barcau with 162mn boe; and we do not want that. “OMV also has the giant offshore Neptun field. But the equivalent of the Neptun field is dotted around Romania in small reservoirs. Romania could do more to incentivise onshore gas production. That gas could be aggregated and marketed. But first gas from Neptun is so far away, it’s not even on my mind,” Auld said. “We are doing a good business even in bad years; we built our business based on the lowest case, so anything above that is the icing on the cake. Our production expense in the three quarters to September 30, 2020 was $8.96/boe, meaning that we are cash-flow positive even at very low commodity prices. “We sell most of our gas output to the trading house Vitol, indexed to the Bucharest commodities exchange. This is typically a 20% premium to the Dutch title transfer facility [Europe’s most competitive, liquid hub]. Gas is very seasonal and there is not much storage and Romania doesn’t import or export much, although five years from now I imagine there will be much more gas trade with the rest of Europe. “The pipeline operator Transgaz pumped gas into the grid in March and April last year using linepack for storage; but that was exceptional. Generally, as demand sags, the gas price dips from about $10/’000 ft³ in winter to half that in summer [in 2019]. The price is always set at the margin, which means electricity and household heating needs determine the price. There is not much demand for cooling in summer. “All our customers are industrials or power generators and we have no problems at all with receivables. We also have a trading subsidiary which sells only our own output. But later that might change. “The gas market in Romania is very illiquid, which means prices get very volatile. Derivatives such as put options do not influence our returns at a reasonable cost and we are better off dealing directly with the customer. We keep our costs low and our production stable and that way we can absorb the commodity price risk,” Auld said. Falling into a legal crevice Serinus is recognised as the sole owner of the Moftinu licence, as the original, 40% partner has defaulted on its obligations under the joint operating agreement since at least 2016. Oilfield Exploration Business Solutions (OEBS) is a subsidiary of Rompetrol, which in turn is owned by Kazkahstan’s state oil and gas company Kazmunaigaz. Under the terms of the joint operating agreement (JOA), its defaulted equity reverts to Serinus. However, OEBS has ignored Serinus’ request that it notify the regulator, NAMR, that it is no longer a shareholder and until it does so, the government cannot gazette the transfer of title to Serinus even though it accepts that Serinus is the sole owner. Hence the need to go to arbitration. Auld said: “We receive 100% of the revenue, we provide 100% of the work programme and 100% of the parent company guarantees and take all the risk in the Satu Mare licence. We have taken them to arbitration to force them to transfer their defaulted interest.” “OEBS cannot now back into the licence by paying their percentage share of all the costs so far. The JOA excludes that option,” he said. Typically, JOAs have provisions to encourage all parties to risk their capital in drilling a well at the same time. So entering a well that subsequently proves a success carries a premium. “We would like to be able to farm out some of that stake in the 3,000 km2 to another partner. Philosophically I do not want to have 100%. It is better with the right partner who can share risk and costs and accelerate developments,” Auld said.
market master: I don't think they are selling down now. They just didn't take part in the placing. This diluted their holding to 8% and that cancelled their agreement with SENX to have a seat on the board. So David volunteered to quit. Malpy Investments @AimTrader83 · 2h #SENX For anyone that missed it. Recording of yesterdays presentation + Q&A
dandadandan: Good Directors talk interview by Auld and Fairclough Proven 1p reserves independently assessed are up 101% in 2020 at a share price value of 5p. Romania production will be maintained in 2021 by adding compression, plus the bonus of another shallow well being added. Tunisia is stable production and expecting a lot more once uplift pumps are installed. $6m cash on balance sheet and NPV of reserves is $73m. No debt. Cash generation is high. It is now likely with higher oil prices that SENX has a net turnover of around $10 million for Q1 compared to $24 million in full year 2020. What is not to like about these figures. This share price should be heading towards 7p to 10p easily. Bag a bargain. Patience pays. DDDD.
dandadandan: Looks like it is time to invest a bit more more here as the MMs play the share price dipping game. Hold it there MMs as I am waiting for extra funds to transfer. Cannot believe this market dip when SENX finances will be reported next. DDDD.
thetoonarmy2: Honestmarty. I really hope so have a good few of these now. Dan Dan. Read the RNS awhile ago explains the disparity regarding share price between London & Poland. Anyway hopefully this is now over its selling episode of the last few weeks got to get up to 5p initially to say it’s broken out of trading range since 2p placing,everything looks good in Romania so when will we find out about putting pumps in the old oil wells.
thetoonarmy2: From California Joe's BlogSerinus Energy (SENX) announced the flow-test results of the Moftinu-1008 well in Romania. Approximately 667 boe/d, a decent result from a 1,000 metre well. SENX is traded on both the London and Warsaw markets, with the share price in the latter being several times that of the former. The company has attempted to explain this by pointing out that while all 1,140,660,629 issued and outstanding shares are eligible to be traded on AIM, only 78,629,941 of these shares are eligible to be traded on the Warsaw Stock Exchange. Regardless, some still prefer to ignore the implications of the "float" numbers and continue to insist the Warsaw price proves that the London price is a bargain.
lazarus2010: the way I see SENX is that if PoO and PoG are more or less now the same as in 2018, there should be no reason why the share price doesn't climb back to 14p, except for the dilution caused by the fund raising. As a newbie to SENX, any old timers know what the equivalent share price would be?
tradedesk1: Olderandwiser (lse bb) Posts: 11,366 Price: 2.35 No Opinion Excellent risk/reward opportunity...Today 12:48 ...presenting itself here, at Serinus Energy. 1) Totally restructured balance sheet, now debt-free, with surplus placing funds to start a new pumping additional work development at the Tunisian field, where none had been done before. At all! 2) Friendly insider new shareholder, in EBRD, for 9.9%, locked in for one year. They may hold longer than that, as they are typically long term lenders/shareholders in their developing country investment projects. 3) However, EBRD may take the view that they fully recoup their foregone 50% principal + accrued interest with an equity sale in the future of 4p. They must believe that is quite doable, at a minimum, to accede to this arrangement. 4) Recent placing was clean. NO WARRANTS. 5) Management acquired shares in the placing, at the company's all-time low share price of 2p. 6) Management indication that in the next 2-3 years they can triple boe/d from 2500 to 7500 boe/d+, through a combination of development projects in both Tunisia and Romania. 7) With reduced extraction costs of circa $9/boe, current EBITDA , with reduced SG&A costs, and assuming a conservative average $40 oil, is circa $27mn p.a. (330 days operating). P/CF of 5 times for delivering this level of cash flow consistently, is feasible, or starters. MC £100mn. A 5-bagger for placees. 8) Tripling production to 7500 boepd, same oil price assumption, with expanded reserve life index from the current 10.8 years: potential gross cash flow, $75mn, or £50mn. Valuation? £200-250mn? A potential ten-bagger over 2-3 years? Why not? Risks: 1) Geopolitical in Tunisia. 2) Russian gas pipeline delivery squeezes gas prices to domestic Romanian market in 2 years' time. 3) Management team fails to deliver the resource and production enhancements outlined in the placing. Operational risk. 4) Global recession, falling oil prices.
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