Serinus Energy PLC — Earnings Release 2020

Mar 26, 2021

Current Report No.9/2021Date: 2021-03-26Issuer's tradingname: SERINUS ENERGY plc

Title:Preliminary Annual Financial Results for 2020

Legal basis: Article 17 (1) MAR - inside information

Content:The Management of Serinus Energy plc ("Serinus" orthe "Company") is pleased to announce its preliminary financial resultsfor 2020.

OPERATIONAL

- Serinus Energy plc and its subsidiaries ("Serinus", the "Company", orthe "Group") have continued to operate safely and effectively throughthe COVID-19 pandemic, with the successful implementation of operationaland monitoring protocols to ensure the health and safety of ouremployees.

- Production for the year averaged 2,340 boe/d (2019 - 1,389 boe/d),comprised of;Romania - 1,788 boe/d (2019 - 961 boe/d).Tunisia -552 boe/d (2019 - 428 boe/d).

- Serinus exited December 2020 with a production rate of 2,122 boe/d,with a December average of 2,061 boe/d (Romania 1,561 boe/d and Tunisia500 boe/d). Production declined over the fourth quarter due to delays inspecialist pump technicians crossing national borders due to COVID-19restrictions as well as natural declines in Romania.

- 1P audited reserves at 31 December 2020 increased by 101% to 5.8 MMboeand 2P audited reserves decreased by 9% to 9.6 MMboe.

- The Company received approval from the Romanian National Agency forMineral Resources ("NAMR") to amend the last outstanding work commitmentfor the third exploration phase of the Satu Mare Concession and wasgranted a 12-month concession license extension until 27 October 2021plus additional time equivalent to the duration of the "Romanian Stateof Emergency/Alert" which began on 9 March 2020 and currently remains inforce.

- The amendment replaces the previous seismic commitment, which thecompany was unable to fulfill due to the restrictions imposed as aresult of the COVID-19 pandemic, with a modified work commitment todrill two wells, one to be drilled to a depth of 1,000 metres and thesecond to be drilled to a depth of 1,600 metres.

- During 2020 the Company permitted and finalised plans to drill theM-1008 development well which will qualify as one of these commitmentwells.

- On 23 February 2021, the Company announced the M-1008 well flowed at4.0 MMscf/d (approximately 666 boe/d) from two perforated zones and willbe tied into the Moftinu Gas Plant.

FINANCIAL

- Completed a successful placing of 787,936,852 ordinary shares to raisegross proceeds of $21.3 million announced on 27 November 2020, of which$16.5 million was paid to the EBRD to retire the Convertible Loan.

- During 2020, Serinus generated revenues of $24.0 million (2019 - $24.4million), comprised of $16.9 million (2019 - $15.2 million) from Romaniaand $7.1 million (2019 - $9.2 million) from Tunisia.

- Capital expenditures of $5.5 million (2019 - $4.9 million) wereincurred for the year and predominantly consisted of costs incurreddrilling M-1004, and preparation work for M-1008.

- Funds from operations for the year was $7.3 million (2019 - $8.1million) and normalized EBITDA was $6.6 million (2019 - $7.0 million).

- Net realised prices ($/boe) averaged $28.06 (2019 - $48.12), adecrease of 42%, comprised of;Realised oil price ($/bbl) averaged$35.56 (2019 - $61.67), a decrease of 42%.Realised gas price ($/Mcf)averaged $4.38 (2019 - $7.27), a decrease of 40%.

- Production expenses ($/boe) were reduced by 30% to $9.67 (2019 -$13.78) largely due to increased production and careful cost management.

- Cash balance as at 31 December 2020 was $6.0 million.

Attached to this Current Report, the Company presents the content of therelevant Press Release in the English language (made public by theCompany in the United Kingdom and made available on the Company'swebsite at www.serinusenergy.com), together with an attachmentcontaining elements equivalent to the elements of the Annual Report,with the exception of the Independent Auditor's Report on the audit ofthe Financial Statements. The translation of the above attachment intothe Polish language constitutes another document attached to thisCurrent Report.

As stated in the Company's news release on 22 March 2021 (WSE currentreport No. 7/2021), upon the approval and registration of BDO Londonoffice as a qualified third-party auditor in Poland by the PolishSecurities Regulator, Serinus will be able to release its audited AnnualReport for 2020, which will include the BDO audit opinion.