REG - Synergia Energy Ltd - Cambay C-77H Artificial Lift Update

Synergia EnergyAnnouncement

03/11/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231103:nRSC2411Sa&default-theme=true

RNS Number : 2411S  Synergia Energy Ltd  03 November 2023

RNS Announcement

 

3 November 2023

 

AIM: SYN

Cambay C-77H Artificial Lift Update

 

Synergia Energy Limited ("Synergia" or the "Company"), is pleased to announce
the following update regarding the Cambay C-77H well artificial lift
operations.

 

The jet pump has been operating reliably since the installation in September.
Two echometer surveys have been conducted to ascertain fluid levels in the
borehole. The first survey on 6 October 2023 indicated a fluid column of
700-900 meters in the wellbore. The second survey on 21 October 2023 indicated
a fluid column of c. 400 meters.

 

Gas production rates are currently plateaued at 150,000 SCFD with gas
condensate production between 6-12 BPD. Produced water rates are declining,
currently running at 15 BPD, down from the initial peak levels of c. 60 BPD.

 

It is believed that the water ingress is coming from zones 1-4, which is
limiting the  gas / gas condensate production coming from zones 5 & 6.
The forward plan is to see if the fluid column continues to drop indicating
that the water ingress from zones 1-4 is reducing. A re-installation of a
bridge plug to isolate zones 1-4 is still an option but may not be necessary
if the fluid column can be reduced to manageable levels. Further updates will
be provided as and when appropriate.

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed
in accordance with the Company's obligations under Article 17 of MAR.

 

For and on behalf of Synergia Energy Limited

 

 

Roland Wessel

CEO

 

 

 

 

For further information, please contact:

 Investor Enquires           AIM Joint Broker                                         AIM Joint Broker               AIM Nominated Adviser          Media Enquires (UK)

 Synergia Energy Ltd         Panmure Gordon (UK) Ltd                                  Novum Securities               Strand Hanson Limited          Vigo Consulting

 Briana Stayt                Broker                                                   Broker                         Nominated Adviser              Investor Relations

 Investor Relations          John Prior / Mark Murphy / Hugh Rich / Freddie Wooding   Colin Rowbury                  Ritchie Balmer / Rory Murphy   Patrick d'Ancona / Finlay Thomson

 Email:                      Tel: +44 (0)20 7886 2500                                 Email:                         Tel: +44 20 7409 3494          Email:

 bstayt@synergiaenergy.com   UK                                                       crowbury@novumsecurities.com   UK                             patrick.dancona@vigoconsulting.com

 Tel: +61 8 9485 3200                                                                 Tel: +44 20 7399 9427                                         finlay.thomson@vigoconsulting.com

 Australia                                                                            UK                                                            Tel:+ 44 20 7390 0230

                                                                                                                                                    UK

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDFLFVELALFIIV