The Calgary-headquartered producer said it plans to invest $17 million in capital expenditure this year compared to a guidance rate of $55 million for 2014.
Serinus Energy said it estimates that new fiscal and commodity price environment will mean that exploration drilling “does not appear to be economically viable”.
It said that cash flow from existing operations will be materially reduced, but will remain positive and development drilling, recompletion and stimulation will be marginally economic.
Serinus
