Serinus Announes First Quarter Financial and Operating Results for 2016

Serinus Energy (TSX:SEN) has announced its financial and operating results for the quarter ended March 31, 2016.
As quoted in the press release:

First Quarter Highlights

• In early February, Serinus closed the sale of all its interests in Ukraine. Total final consideration was $33.2 million including the previously disclosed $32.9 million plus subsequent working capital and inter-company adjustments.  The Company purchased its position in Ukraine in 2010 for $45 million, and received aggregate dividends and other payments in the amount of $41.5 million which, when combined with the sales proceeds, resulted in a 12.5% annual rate of return over the life of the project.
• From the proceeds of the Ukraine sale, the Company repaid a total of $19.2 million of debt and accrued interest to the European Bank for Reconstruction and Development (“EBRD”). Subsequent to quarter end, a further repayment of $3.4 million was made, reducing corporate debt plus accrued interest to $31.0 million.
• Production for Q1 2016 averaged 2,213 boe/d, down 44% and 50% vs. Q4 2015 and Q1 2015 respectively. The major causes of the drop were the sale of the Ukraine assets, lost time to workovers and testing and natural declines manifesting themselves in Tunisia.
• Tunisian netbacks rose from $4.55/boe in Q4 2015 to $11.44/boe in Q1 2016, with the Company’s ongoing cost reduction efforts more than offsetting lower commodity prices.
• Funds from Operations in the first quarter were down 35% to $2.7 million vs. $4.3 million in Q1 2015, and down 24% compared to Q4 2015, due primarily to the sale of the Ukraine assets and lower production rates. The amount allocable to SEN shareholders was $1.8 million.

Click here for the full press release.