Serinus Energy PLC — Earnings Release 2019

Jul 1, 2019

Current Report No. 27/2019Date: 2019-07-01Issuer'strading name: SERINUS ENERGY plc

Title:Operational Update

Legal basis: other regulations

Content:In view of the requirement of Article 62.8 of the Actof 29 July 2005 on Public Offering [...], considering that the shares ofSERINUS ENERGY plc ("Serinus" or the "Company") is listed on AIM in theUK, the Management of the Company informs that it has publishedinformation outside the Republic of Poland providing an operationalupdate.

ROMANIA

The commissioning of the Moftinu gas plant has proceeded as planned witha 30 June 2019 daily production exit rate of 10.3 million standard cubicfeet per day (mmscf/d), with condensate production above expectationsand minimal water production within expectations. The gas plantperformance has been within operating parameters with stable throughputprovided by both the Moftinu - 1003 and Moftinu - 1007 wells. Both wellsare performing according to expectations. The Company will continue tomonitor the chokes for both wells in order to ascertain the maximumstable production that can be achieved for these wells. Given theperformance of the gas plant, the Company is proceeding to open and flowthe Moftinu - 1000 well following a slickline operation planned formid-July. As previously announced in a Company release on 30 January2018 (WSE current report No. 7/2018), the Moftinu - 1000 well wasreperforated and tested for an extended test period at a production rateof 1.96 mmscf/d.

All gas sales from Moftinu have been sold under the previously announcedGas Sales Agreement with Vitol (WSE current report No. 69/2018). Asplant production and operations have stabilized, the Company has movedfrom daily sales to monthly volume nominations under this agreement.

The permitting of the previously announced 3D seismic survey over 148km2 of the Satu Mare Concession is ongoing. This 3D seismic program isto the north of the Moftinu 3D area with sufficient overlap to allow forthese two surveys to be merged during processing. The Company hopes toidentify amplitude-supported shallow gas fields in which to targetfuture exploration drilling and replicate the success at Moftinu.

TUNISIA

The reopening of the Chouech Es Saida field in southern Tunisia isprogressing as expected. Following the extensive clearing of sand fromthe road and surface facilities, the Company started the first wellworkover on the CS-3 well on 27 June 2019. This workover is expected totake two weeks and includes the installation of a new electricalsubmersible pump. Once completed, the CS-3 well will be brought ontoproduction and the workovers of the other three wells will be performedsequentially. The Company anticipates that all Chouech wells will be onproduction by the end of August 2019.

The Sabria field continues to perform in line with managementexpectations and an operational and production update will be given atthe time of the H1 results in August.

The attachment to this current report contains text of the originalpress release in English, which has been filed by the Company in the UKand will also be available on Company's website: www.serinusenergy.com