SERINUS ENERGY INC. Potential Impact of New Ukrainian Banking Regulations

Legal basis: other regulations

Content:Pursuant to Article 62.8 of the Act of 29 July 2005on Public Offering [...] the Management of SERINUS ENERGY INC. ("Serinus" or the "Company") informs that in Canada via the SEDAR system it has published comments on the potential impact of a new regulation announced by the National Bank of Ukraine.

New regulation prohibits several types of foreign exchange transactionsincluding among other things, the ability of KUB-Gas LLC ("KUB-Gas"), Serinus' 70% indirectly owned subsidiary which owns and operates the Ukraine licences, to pay dividends to its shareholders. Details regarding the practical administration of these new regulations have not yet been provided, and Serinus and its partners will continue to monitor and study new information as it becomes available. These restrictions are in force from September 23, 2014 until December 2, 2014.

Assuming that new regulation expires after December 2nd, Serinus doesnot anticipate any major difficulties arising from it. The Company has sufficient cash, debt facilities and cash flow from its Tunisian operations to carry on its intended capital and operating programs for the rest of 2014.

If these restrictions on foreign exchange are renewed or extended beyondDecember 2nd, it may impact the 2015 capital program which is currently being planned. Total cash flow from Ukraine exceeds KUB-Gas' ability to redeploy in its Ukrainian licences. A continued ban on foreign exchange transactions would result in the build-up of idle cash balances within the country.

This text contains selected excerpts from the original news release inEnglish, 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

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