Please accept my sincerest apologies for failing to publicly acknowledge our fallen heroes this past Memorial Day. No excuse I could offer could justify the oversight. Along with you, I salute the many men and women who have proudly and selflessly served in our military to protect, defend and secure the freedoms and liberties we enjoy each and every day. Their bravery in making the ultimate sacrifice will forever be appreciated and they will always be remembered and celebrated and never taken for granted or forgotten.
SEN suspends drilling operations at well in Brunei, will cost $11.8M
CALGARY – Serinus Energy Inc. (TSX: T.SEN, Stock Forum) says it is suspending operations at a well in Brunei after attempts to retrieve the bottom hole assembly stuck in the hole were unsuccessful.
The Calgary-based oil and gas company says it will incur an estimated $11.8 million in costs associated with the suspension.
Serinus began drilling the Luba well on Nov. 11, and had reached a depth of 1,720 metres when the bottom hole assembly became stuck. The company had originally planned on drilling to 3,327 metres.
It says it decided to stop operations because it's unclear how the part became lodged, and ``cannot guarantee'' of it not occurring again.
``While suspending the well was a very difficult decision, there are times to simply stop and re-evaluate when you have operational difficulties such as we've encountered this drilling campaign,'' said chief operating officer Jock Graham in a statement.
Serinus has exploration, production and development projects in Ukraine, Brunei, Tunisia, Romania and Syria.
