In mid-October 2017 KMG International sold its participation in the IV-5 Satu Mare licence to Serinus which became wholly owner of the licence. The permit is situated in northwestern Romania, and contains more than 25 prospects. Serinus reported in September 2017 having received from NAMR (National Agency for Mineral Resources) the drilling permits for two appraisal wells â Moftinu 1003 and Mofitnu 1004 - at the Moftinu field. The company plans to drill the wells in Q2 2018 fulfilling 2/3rd of the work commitments. Serinus will then decide whether to drill a third well or conduct a 3D seismic survey to comply with the work commitments. This drilling programme is part of the ongoing field development project. The Moftinu 1 gas discovery was drilled in 1971. In 2012 Winstar drilled the Moftinu 1000 exploration well which targeted various Pliocene gas zones with a planned total depth of 1,550 m. Open-hole logs also showed a 2 m gross gas-saturated zone in Miocene sands and production testing conducted in Miocene and Pliocene sands below 600 m yielded 1,600 Mcfg/d (aggregated). In 2014 Winstar drilled the Moftinu 1001 exploration well in the northern part of the structure and penetrated the entire Miocene and Pliocene sandstone section although it didnât reach the planned total depth due to technical difficulties. Production testing was carried out over three Miocene to Pliocene sands intervals with an aggregate net pay of 26 m recovering up to 7,400 Mcfg/d and 18 b/d of condensate. Also in 2014 the company drilled the Moftinu 1002bis exploration well but the tests indicated a tight and damaged formation. The flow reached approximately 2,800 Mcfg/d for 30 minutes, and then it declined to 245 Mcfg/d over the following two hours. Despite the poor data quality, the well proved the existence of movable hydrocarbons in the four Miocene sands tested. Â  Interest in the permit is wholly held by Serinus Energy Romania SA. Â 
KMG International sold its participation in the E IV-05 Satu Mare licence to Serinus (->100%).