Serinus' Block L Production Sharing Agreement Extended for 3 Months

Serinus Energy Inc. (Serinus, SEN or the Company), an international upstream oil and gas exploration and production company, reported Tuesday that the Brunei National Petroleum Company (PetroleumBRUNEI) has approved the Company’s request for a 3 month extension of the Block L Production Sharing Agreement (PSA), which covers onshore and offshore areas, in northern Brunei. The new date for completing the Minimum Work Obligations for Phase 2 of the Exploration Period under the terms of the PSA is now set as Nov. 27.

The Lukut Updip-1 (LKU-1) exploration well is currently drilling ahead at a measure depth of 6,791 feet (2,070 meters). Planned total measured depth for the LKU-1 well is 9,711 feet (2,960 meters).

Serinus has a 90 percent interest in the Block L with indirect wholly-owned subsidiary Kulczyk Oil Brunei Limited having a 40 percent interest and indirect wholly-owned subsidiary AED SEA (operator) having a 50 percent interest.  The remaining 10 percent interest is owned by a private Brunei company at arm’s length to Serinus.

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