Serinus Files Legal Claim for Moftinu Gas Plant Delays
February 25 2019 - 12:00PM
Serinus Energy plc (“
Serinus”,
“
SEN” or the “
Company”)
(AIM:SENX, WSE:SEN), announces that its wholly-owned subsidiary,
Serinus Energy Canada Inc., has filed a suit against Aval
Engineering Inc. of Alberta and Kocken Energy Systems Incorporated
of Nova Scotia and certain of their directors and officers.
The suit claims more than US$25.4 million in damages for chronic
mismanagement as well as misappropriation of funding provided by
Serinus which resulted in repeated failures to deliver the
completed and tested Low Temperature Separation (“LTS”) and
Triethylene Glycol (“TEG”) units needed to complete the Company’s
gas conditioning plant on the Moftinu site in Romania.
The LTS and TEG units were originally contracted
to be delivered in January 2018. As previously announced, the units
were shipped from Canada to Romania on 16 January 2019. They
arrived in Romania on 28 January 2019 and were then taken to the
fabrication yard of the project EPC Contractor, Confind SRL, for
inspection and testing prior to shipment to site. During
inspection, it was discovered that the units were not properly
fabricated, including various parts being missing. The Company and
the EPC Contractor have been working diligently to rectify this and
complete final assembly at the Confind fabrication yard.
About Serinus
Serinus is an international upstream oil and gas
exploration and production company that owns and operates projects
in Tunisia and Romania.
The information contained within this
announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR").
For further information, please refer to
the Serinus website (www.serinusenergy.com) or contact the
following:
Serinus Energy plc
+1-403-264-8877 Jeffrey Auld, Chief Executive Officer Calvin
Brackman, Vice President, External Relations & Strategy
Numis Securities Limited
+44 (0) 20 7260 1000 (Nominated
Adviser and Joint Broker) John Prior Paul Gillam Ben Stoop
GMP FirstEnergy
+44 (0) 20 7448 0200 (Joint Broker) Hugh
Sanderson Jonathan Wright
Camarco
+44 (0) 20 3781 8334 (Financial PR) Billy Clegg Owen Roberts
TBT i Wspólnicy
+48 22 487 53 02 (Financial PR - Warsaw)Piotr
Talarek
Forward Looking Statement
DisclaimerThis news release includes forward looking
information and statements within the meaning of securities laws.
Such statements relate to the Corporation’s or management’s
objectives, projections, estimates, expectations, or predictions of
the future and can be identified by words such as “plans”,
“assumes”, “will”, “anticipate” and “may” or variations of such
words. These statements are based on certain assumptions and
analyses by the Corporation that reflect its experience and
understanding of future developments. Such statements are subject
to a number of uncertainties, including, but not limited to,
continued listing on the Warsaw Stock Exchange and AIM, the
Corporation’s ability to realize the anticipated benefits of the
delisting and other factors identified in the Corporation’s filings
with regulatory authorities in Canada. Many of these uncertainties
are beyond the Corporation’s control and, therefore, may cause
actual actions or results to differ from those expressed or implied
herein. The Corporation disclaims any intention or obligation to
update or revise any forward looking statements, whether as a
result of new information, future events or otherwise, unless
required by law.
Translation: This news release has been
translated into Polish from the English original.
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