Serinus Energy PLC on Monday said it will suspend workover operations at the W-1 well at the Sabria field in Tunisia while options for its completion are assessed.
Serinus is an oil and gas exploration company with operations in Romania and Tunisia. Shares in the company fell 7.0% to 5.35 pence each in London on Monday at midday.
The rig initially failed to meet the company’s certification requirements, and operations were delayed as a result.
After the rig achieved certification, the workover initially progressed ‘very well’, until old drilling mud and tubulars left in the well from operations in 1998 were unexpectedly discovered.
This discovery necessitated the removal of the final 1.5 inch coiled tubing below a depth of 2,889 meters, impeding progress. More than 85% of the tubing was recovered, but an excess layer of debris prevented the removal of the rest.
Serinus has now suspended the workover until it finds another way to complete the program.
In the meantime, the company will turn its attention to operations on the Sabria N-2 by performing a workover to re-complete the well.
Serinus told investors that it would consider all options to complete the W-1 pump installation whilst conducting the N-2 workover.
