Tunisia

Concessions

• Sabria

• Chouech Es Saida

• Ech Chouech

• The Sabria concession (26,195 gross acres, Serinus 45% WI) comprises a large Ordovician light oil field that provides Serinus with a stable production base from its large reserve base and long reserves life index.

  The Ordovician reservoir at Sabria contains 358 MMbbl OIIP (P50)1, into which only eight wells (12 including re-entries) have been drilled. The reservoir comprises a large stratigraphic trap with a continuous oil column that spans the Upper Hamra, Lower Hamra and the El Atchane formations.

  Low-cost incremental work programs can provide near-term production growth from existing wells. The Company views further development drilling at Sabria as a low-risk, significant production growth opportunity over the medium to long term.

  

  Schematic illustration of the regional structure and stratigraphy that sets up the large stratigraphic trap at Sabria.

   

  

  Map of the Sabria field showing areas of common subsurface risk. Note that majority of the concession area is composed of very low to low-risk drilling for appraisal and development wells.

  Sabria Appraisal Drilling: Common-Risk Segments

  I.     Very Low-risk drilling in areas of good well control

  II.    Low-risk drilling at same elevation or up-dip of proven oil. Seismically defined, but farther from well control

  III.    Moderate-risk drilling near good well control and at similar elevations to proven oil, but south of a major strike slip fault running through the Sabria structure. Nearby discoveries support the presence of oil in this fault block

  IV.    Moderate-risk drilling in proven reservoir but down-dip of lowest-known-oil

  V.    Higher-risk drilling away from well control and below lowest-known-oil

• The Triassic reservoirs of the Chouech Es Saida concession (52,480 acres, Serinus 100% WI) have produced over 9.8 MM BOE to date from the TAGI Formation and continues to represent a stable incremental production base for the Company.

  The deeper Silurian Acacus Sands and the Tannezuft fan, which have been penetrated and successfully tested and produced hydrocarbons in two wells in the concession, hold enormous growth potential for Serinus Energy plc. The Silurian Acacus sands, which are hydrocarbon-charged in the Chouech Es Saida block, are emerging in Southern Tunisia as a major new oil, condensate and gas play with exploration-well success rates of nearly 100%.

  

  Illustration of the stratigraphy and trapping mechanism for the Chouech Es Saida and Ech Chouech concessions. Production has historically been primarily oil from the fluvial Triassic of the TAGI Formation. Recently, in Southern Tunisia, the deltaic Silurian Acacus sands have been targeted by exploration wells with very high success rates for oil, gas and condensate.  Thick basin-floor fan sands lie encased within a thick source-rock-bearing shale package. These sandstones are proven to be gas- and condensate-bearing within the Chouech Es Saida concession.

   

  The Tannezuft fan play is known by Serinus to only occur within the Chouech Es Saida and Ech Chouech concessions: a forty-five-metre-thick basin floor fan complex was encountered by the CS-Sil-1 (drilled 2010) and the CS-Sil-10 well (drilled 2011), and tested condensate and gas from multiple sands at rates as high as 850 bbls/d and 6.7 MMcf/d, respectively.

  

  Schematic illustration showing the trapping configuration of Silurian plays in the Chouech Es Saida and Ech Chouech concessions.

   

   

• The Ech Chouech concession (33,920 acres, Serinus 100% WI) has, since the discovery of the field in 1970, produced oil intermittently from the TAGI Formation. Adjacent to the Chouech Es Saida block, the concession similarly carries significant upside potential in Silurian exploration targets that are not yet drilled, but are defined on 3D seismic (acquired in 2008).