Serinus may drill in Ukraine

Oil and gas exploration firm Serinus Energy, owned by richest Pole Jan Kulczyk, considers an additional number of drillings in Ukraine, Puls Biznesu reported on Friday. Serinus currently operates four units. Two of them, Vergunskoye and Krutogorovskoye are located in separatists-controlled regions of Ukraine, near Luhansk. However, the contribution of the units to the Ukrainian market is only three percent. The other two units, Makeevskoye and Olgovskoye, are not in the warfare zone and are major contributor to the market, providing output of 1.1 million cubic meters a day. Due to the fact that Russia suspended gas supply to Ukraine from June 2014, the country struggles to find other ways to provide the fuel, in particular before the upcoming winter. Gas coming from Slovakia, Hungary and Poland appears to be insufficient in amount. Serinus may take advantage of the situation, as well as profitable gas market conditions. According to Serinus’ CEO Timothy Elliot, the company will decide about the future drillings in the recent days. Apart from Ukraine, Serinus also operates in Tunisia and plans drillings in Romania.