Serinus Energy’s request for extension of the Block L PSA approved

The Brunei National Petroleum Company has approved Serinus Energy’s request for a three-month extension of the Block L production sharing agreement. Consequently, the company can now complete the minimum work obligations for Phase II of the exploration by November 27, 2013. The company is undertaking works on L Block’s Lukut-1 and Luba-1 wells. Serinus Energy holds a 90 per cent stake in Block L through its two indirect wholly owned subsidiaries, Kulczyk Oil Brunei Limited (40 per cent stake) and AED SEA (50 per cent). The remaining 10 per cent interest is owned by a private Brunei company.