Serinus Energy PLC said on Monday that its pretax net income multiplied, while it reported negative gas test results at two of its mines.

Shares in Serinus were down 9.1% to 9.55 pence in London on Monday morning.

The oil and gas exploration company with operations in Romania and Tunisia said its pretax net income for the nine months that ended on September 30 was $3.4 million, soaring from $782,000 a year prior. Revenue was also up 63% to $41.8 million from $25.7 million.

Production for the period averaged 938 barrels of oil equivalent per day, comprising 421 barrels of oil equivalent per day in Romania and 517 barrels of oil equivalent per day in Tunisia.

It added gas pricing in Romania remained at high levels during this period, with an average realised price of $40.54 per thousand cubic feet, adding prices on the Romanian Commodity Exchange remained strong over the third quarter of 2022.

Serinus also announced drilling results at its Canar-1 and Moftinu Nord-1 wells in Romania. Canar-1 was drilled to a total depth of 1,570 metres targeting three prospective hydrocarbon zones, while Moftinu Nord-1 was to a depth of 1,000 metres targeting four prospective zones.

Well logging and gas show readings for both wells did not contain sufficient gas resources to justify proceeding with testing and completion programmes for the wells.

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