Serinus Energy PLC — Earnings Release 2020

Feb 11, 2020

Current Report No. 4/2020Date: 2020-02-11Issuer's tradingname: SERINUS ENERGY plc

Title:Flow-test results of the Moftinu-1004 well in Romania

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 ("Company") are listed on AIM in the UK, theManagement of the Company informs that it has published outside theRepublic of Poland information concerning the flow-test results of theMoftinu - 1004 well. The well flowed 6.0 million standard cubic feet perday ("MMscf/d") (approximately 1,000 boe/d) on test. As previouslyannounced in current report No. 1/2020, the Moftinu-1004 well wasdrilled to 1,000 metres.

The well has five gas-bearing zones that appeared on logs: A2 sand; A2.2sand; A3 sand; B1 sand; and B3 sand. The three deeper zones werecompleted, being A2 sand, A2.2 sand, and A3 sand. The two shallowerzones had gas pay on logs but were not completed. These zones may beexploited later in the life of the well.

After completing the perforation and well completion operations, theCompany initiated a flow test whereby all three deeper zones were testedcomingled. The well testing procedure and results are as follows:

- Moftinu-1004 was flowed on a 20/64" choke for 4 hours followed by a 4hour build up, then flowed on a 32/64" choke for 4 hours followed by a 4hour build up, then flowed on a 40/64" choke for 4 hours followed by a 4hour build up, and then lastly flowed on a 36/64" choke for 15 hours.

- On the largest choke size (40/64"), the well flowed at an average rateof 6.0 MMscf/d with no progressive pressure decrease throughout the test.

- During the final flow period (15 hours) on a reduced choke size(36/64"), the well flowed at 5.5 MMscf/d with no progressive pressuredecrease throughout the test.

The well has now been put on a five-day pressure build-up after whichthe well will be tied into the completed flowline connecting to theMoftinu gas plant.

Competent Persons StatementIn accordance with the AIM Rulesfor Companies, the technical information contained in this announcementhas been reviewed and approved by Mrs. Alexandra Damascan, President ofSerinus Energy Romania. Mrs. Damascan is a qualified person as definedin the London Stock Exchange's Guidance Note for Mining and Oil and GasCompanies and is authorized by the Romanian National Agency for MineralResources (NAMR) as a specialist with professional and technicalcompetencies to conduct petroleum operations. Mrs. Damascan has aBachelor's degree in Petroleum Engineering from the University of Oiland Gas in Ploieşti, Romania, and a Master's degree in Oil and GasBusiness Administration, specialized in oil, gas, and mining from thesame university. She has over 11 years of oil and gas exploration anddevelopment experience.

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