Serinus Energy Inc. (“Serinus” or the “Company”) today announces changes to its senior executive and Board of Directors (the “Board”).
Mr. Timothy Elliott, President and Chief Executive Officer, and Mr. Jock Graham, Executive Vice President and Chief Operations Officer are retiring effective August 31st, 2016. At the Company’s request, both Mr. Elliott and Mr. Graham will remain as advisors to assist the Company during the transition. Mr. Norman Holton, Vice Chairman of the Company and a director since 1993, and Mr. Gary King, a director since 2007, will also retire from the Board on August 31st, 2016.
Mr. Jeffrey Auld has been appointed as the new Chief Executive Office effective August 31st, 2016, to coincide with Mr. Elliott’s retirement. The Board has also decided to appoint Mr. Dominik Libicki and Mr. Auld to the Board effective August 31st, 2016.
Helmut Langanger, Serinus’ Chairman of the Board, expressed appreciation and gratitude to Mr. Elliott and Mr. Graham for their service, and their agreement to the Board’s request that they serve in an advisory role to support the Company and help ensure a seamless leadership transition. He also thanked both Mr. Holton and Mr. King for their long service and counsel as board members.
Mr. Elliott commented, “When Jock and I became officers of the Company, there was no production, reserves or other employees. Since then, Serinus grew from zero in early 2010 to over 20 MMboe of 2P reserves and 6,000 boe/d in 2014 before the geopolitical issues in Ukraine made continuing operations there untenable. Fortunately, the acquisition of Winstar Resources in 2013 provided Serinus with an alternate production base in Tunisia, and very significant exploration and development potential in both Tunisia and Romania, which allowed the Company to survive the loss of 60% of its assets. It has been my great privilege and honour to lead a dedicated team of people whose hard work led to Serinus’ success, and I thank them and the members of the Board of Directors for their support.”
Jeffrey Auld has a wealth of financial and commercial experience, and extensive knowledge, of upstream oil and gas development and production. He is currently a director of Lansdowne Oil and Gas plc. His career has involved periods working for exploration and production companies including Premier Oil, PetroKazakhstan and Equator Exploration; as well as time spent in financial institutions such as Goldman Sachs, Canaccord Genuity and Macquarie. Jeffrey brings a solid mix of capital markets and upstream development financing experience that will be crucial to the Company’s future development.
Dominik Libicki is Chief Operating Officer and Member of the Management Board of Kulczyk Investments S.A. (“KI”), the largest shareholder of Serinus. He is a recognized manager in the electronic media, telecommunications and new-tech market and has vast experience of the public markets. He joined KI in January 2016. Between 2001-2015 Dominik was the President and CEO of Cyfrowy Polsat S.A. the largest media-telecommunication group in Poland and one of the largest in Europe. He was also the Vice-President of the board of Polkomtel and a member of the supervisory board of Polsat Television. In 2005-2008 (Vice-President during 2006 to 2008) he was a member of the supervisory board of Polska Telefonia Cyfrowa (operator of the mobile network Era, now T-Mobile). In 1999-2011 he was a member of the board of Polskie Media, broadcaster of the Polish TV channels TV4 and TV6. He also held the position of the President of the Private Media Employers Organization operating within the Polish Confederation „Leviatan. Dominik holds a Master’s Degree from the Environmental Protection Faculty of the Wroclaw University of Technology.
About the Company
Serinus is an international upstream oil and gas exploration and production company with a diversified portfolio of projects in Ukraine, Brunei, Tunisia, Romania and Syria and with a risk profile ranging from exploration in Brunei, Romania and Syria to production and development in Ukraine and Tunisia. The common shares of the Company trade under trading symbol “SEN” on both the WSE (Warsaw Stock Exchange) and the TSX.
In Ukraine, Serinus owns an effective 70% interest in KUB-Gas LLC through its 70% shareholding of KUBGas Holdings Limited. The assets of KUB-Gas LLC consist of 100% interests in five licences near the City of Lugansk in the northeast part of Ukraine. Four of the licences are capable of gas production, although two are currently shut in due to security issues in the area.
In Tunisia, Serinus owns a 100% working interest in the Chouech Essaida, Ech Chouech, Sanrhar and Zinnia concessions, and a 45% working interest in the Sabria concession. Four of the concessions are currently producing oil or gas.
In Brunei, Serinus owns a 90% working interest in a production sharing agreement which gives the Company the right to explore for and produce oil and natural gas from Block L, a 1,123 square kilometre area covering onshore and offshore areas in northern Brunei.
In Romania, Serinus owns an undivided 60% working interest in the onshore Satu Mare concession, a 2,949 square kilometre exploration and development block, in north western Romania.
Serinus holds a participating interest of 50% in the Syria Block 9 production sharing contract which provides the right to explore for and, upon the satisfaction of certain conditions, to produce oil and gas from Block 9, a 10,032 square kilometre area in northwest Syria. The Company has an agreement to assign a 5% ownership interest to a third party which is subject to the approval of Syrian authorities. Serinus declared force majeure, with respect to its operations in Syria, in July 2012.
The main shareholder of the Company is Kulczyk Investments S.A., an international investment house founded by Polish businessman Dr. Jan Kulczyk.
This press release contains certain statements relating to Serinus that are based on the expectations of Serinus, as well as assumptions made by, and information currently available to, Serinus, which may constitute forward-looking information under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that Serinus anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking information. In some cases, forward-looking information can be identified by terms such as “forecast”, “future”, “may”, “will”, “expect”, “anticipate”, “believe”, “potential”, “enable”, “plan”, “continue”, “contemplate”, “pro-forma”, or other comparable terminology. In particular, this press release makes reference to the timing and listing of the Company’s common shares on the TSX, resumption of trading on the Warsaw Stock Exchange and the anticipated increased working interest in the Satu Mare concession. Readers are cautioned that such events are subject to certain conditions being satisfied. Accordingly, there is no assurance that such conditions will be satisfied and therefore no assurance that the TSX listing, resumption of trading and increased working interest will be obtained in the time frames anticipated or at all. Many factors could cause the performance or achievement by Serinus to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. These factors include the failure to satisfy the TSX listing conditions and to resume trading on the Warsaw Stock Exchange in a timely manner, failure to satisfy the conditions to obtain the increased interest in the Satu Mare concession, risks relating to the integration of Serinus and Winstar, the failure to realize anticipated synergies and incorrect assessments of the value of Winstar. Readers are cautioned that the foregoing list of factors is not exhaustive.
The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Serinus is not under any duty to update any of the forward-looking statements after the date of this press release or to conform such statements to actual results or to changes in the Company’s expectations and Serinus disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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Al Shafar Investment Building, Suite 123, Shaikh Zayed Road, Box 37174, Dubai, United Arab Emirates
00-511 Warsaw, Poland
Telephone: +48 (22) 414 21 00