Serinus Energy Arranges EUR10 million Debt Facility for Romania
(firmenpresse) - WARSZAWA, POLAND -- (Marketwired) -- 02/20/15 -- Serinus Energy Inc. ("Serinus", "SEN" or the "Company") (TSX: SEN)(WARSAW: SEN) is pleased to announce that it has finalized a new 10 million Euro debt facility with the European Bank for Reconstruction and Development ("EBRD" or the "Bank").
The proceeds from this new facility (the "Romania Facility") will be used to fund the Company's capital program currently underway in the Satu Mare licence ("Satu Mare") located in northwest Romania. Satu Mare is a 765,000 acre exploration block which is 60% owned and operated by Winstar Satu Mare SRL, a wholly owned subsidiary of Serinus.
The capital program includes the drilling, completion and testing of the Moftinu-1001 and 1002bis wells, and the Santau 3D seismic survey conducted in the last quarter of 2014, and will fulfil the Phase 2 work requirements associated with the Satu Mare licence. Pursuant to a farm-in agreement between Winstar Satu Mare and the other owner, the Company is funding 100% of these expenditures. Once the Phase 2 work requirements have been completed, all working interest owners will be responsible for their respective shares of future capital costs.
The Romania Facility will be a senior loan with the following significant terms:
Interest rate: LIBOR (six month) plus 8%
Repayment: 10 semi-annual instalments beginning on the first anniversary of the loan agreement
Accelerated Repayment Provisions:
Note: Serinus reports in US dollars. All dollar amounts referred to herein are in USD, unless specifically noted otherwise.
Other Conditions:
Tim Elliott, President and Chief Executive Officer of Serinus said "We are very pleased to continue and extend our relationship with the EBRD through this new loan facility. Prior to the changes in the Ukraine fiscal regime since the last half of 2014, and in particular the restrictions on foreign currency remittances from Ukraine, Serinus had been fully capable of funding the Romanian program through cash flow. Those changes, along with the recent drop in commodity prices significantly impaired that ability and the Romanian Facility helps the Company to meet its cash requirements. We have a very successful history with the EBRD, and the fact that they have stepped forward to assist us though this period speaks well of our assets and of the partnership that has developed over the last 5 years with the Bank."
Cautionary Statement:
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.
Test results are not necessarily indicative of long-term performance or of ultimate recovery. The test data contained herein is considered preliminary until full pressure transient analysis is complete.
About Serinus
Serinus is an international upstream oil and gas exploration and production company that owns and operates projects in Ukraine, Tunisia, and Romania.
For further information, please refer to the Serinus website ().
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.
Contacts:
Serinus Energy Inc. - Canada
Norman W. Holton
Vice Chairman
+1-403-264-8877
Serinus Energy Inc. - Canada
Gregory M. Chornoboy
Director - Capital Markets & Corporate Development
+1-403-264-8877
Serinus Energy Inc. - Poland
Jakub J. Korczak
Vice President Investor Relations & Managing Director CEE
+48 22 414 21 00
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 20.02.2015 - 22:30 Uhr
Sprache: Deutsch
News-ID 373208
Anzahl Zeichen: 0
contact information:
Town:
WARSZAWA, POLAND
Kategorie:
Oil & Gas
Diese Pressemitteilung wurde bisher 214 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Serinus Energy Arranges EUR10 million Debt Facility for Romania"
steht unter der journalistisch-redaktionellen Verantwortung von
Serinus Energy Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
