SERINUS ENERGY INC. Ukraine: M-17 tests 6.6 MMcf/d from the S6 Zone

Current Report No. 28/2014Date: 2014-06-11Issuer's

trading name: SERINUS ENERGY INC.

Title: Ukraine: M-17 tests 6.6 MMcf/d from the S6 Zone

Legal basis: other regulations

Content:Pursuant to Article 62.8 of the Act of 29 July 2005

on Public Offering [...] the Management of SERINUS ENERGY INC. ("Serinus"

or the "Company") informs that in Canada via the SEDAR system it has

published information that production testing has been completed on the

S6 sandstone in the Makeevskoye 17 ("M-17") well, and the maximum flow

rate achieved was 6.6 MMcf/d through an 8 mm choke at a flowing wellhead

pressure of 2,970 psi. The well has been shut in for a pressure build

up, after which the recorders will be retrieved and the well will be

tied in for production.

As previously disclosed (press release of March 19, 2014), logs

indicated 9 metres of net pay in the S6 sandstone. The S6 was flowed at

five different choke sizes and rates for periods of between 2 and 3

hours each. The final rate for each period along with the flowing

wellhead pressures and choke sizes are summarized below:

Summary Test Results for S6 Sandstone in M-17

Choke Size (mm) / Final Flow Rate (MMcf/d) / Final FWHP (psi)

4 mm /1.8 MMcf/d / 3,128 psi5 mm / 2.8 MMcf/d / 3,146 psi6 mm /

3.9 MMcf/d / 3,122 psi7 mm / 5.2 MMcf/d / 3,055 psi8 mm / 6.6

MMcf/d / 2,970 psi

M-17 represents a significant step out and possible reserve addition for

the S6 interval. The well results suggest an expansion of the pool area

to the north that will need verification with additional drilling.

The pressure recorders will be retrieved via wireline within the next

day or two, and M-17 is expected to be tied into the new Makeevskoye gas

facility initially as an S6 producer by mid - July. Once the security

situation in Ukraine stabilizes, the deeper S7 will be frac'ed, and the

well dually completed as an S6/S7 producer. The workover rig is now in

the process of moving to the Olgovskoye-11 ("O 11") to begin completion

and testing operations there. O-11 was cased as a potential producer in

early June with logs indicating potential gas pay in four zones.

The Makeevskoye Field comprises approximately 57% of total Ukrainian

production and is the most productive licence in Serinus' portfolio in

Ukraine. Currently gross production is 17.4 MMcf/d (12.2 MMcf/d net to

Serinus WI) from 6 producing wells. In April 2013, the Company announced

a new pool gas discovery on the Makeevskoye Licence in Ukraine when the

M-16 well tested gas from the S6 zone, opening up the Serpukhovian

formation as a potential target throughout the Makeevskoye and

Olgovskoye licences. M-16 currently produces approximately 4 MMcf/d (2.8

MMcf/d net to Serinus). That success was followed up by S6 and S7

discoveries in both M-17 and O-11, and the Serpukhovian is now a primary

target in the balance of the 2014 drilling program and beyond.

Cautionary Statement:Test results are not necessarily

indicative of long-term performance or of ultimate recovery. The test

data contained herein is considered preliminary until full pressure

transient analysis is complete.

This text contains selected excerpts from the original news release in

English, which has been filed by Company in Canada (country of its

registered office ) by way of the SEDAR system and is available at the

website www.sedar.com by entering the Company name at

http://www.sedar.com/search/search_form_pc_en.htm.

The Polish translation of the entire text of the news release is

available at the website: www.serinusenergy.com

More information on page: biznes.pap.pl

kom espi pif/