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

Synergia EnergyAnnouncement

01/02/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230201:nRSA4804Oa&default-theme=true

RNS Number : 4804O  Synergia Energy Ltd  01 February 2023

RNS Announcement

 

1 February 2023

AIM: SYN

Cambay C-77H Update

 

Synergia Energy Ltd (the "Company" or "Synergia") is pleased to provide the
following update concerning the Cambay C-77H well.

 

The C-77H well has been on continuous plateau gas production since the
re-installation of the production tubing on September 22(nd) 2022. The
production has ranged between 150,000 SCFD and 275,000 SCFD depending on the
level of fluid loading in the wellbore. The well is currently producing c.
200,000 SCFD. The production is being inhibited by the c. 1500m column of gas
condensate in the wellbore.

 

Having eliminated several artificial lift solutions to remove the condensate,
including electrical submersible pumps which were considered to be
prohibitively expensive and sucker rod pumps which are intolerant to even
small gas levels, the Company elected to adopt a progressive cavity pump
("PCP") solution.

 

We have been working with the preferred PCP supplier, PCM, to identify an
artificial lift solution for the C-77H well which can be applied to future new
wells in a full field development programme.

 

The Cambay condensate has a high aromatic content which is not compatible with
the standard nitrile rubber stators incorporated in conventional PCP pumps.
PCM have a range of elastomer options for the stator lining, including FKM 204
(also known as Viton) which has been proven to be tolerant to an aromatic
content of up to 10%. Further testing is required to ascertain whether
Viton-lined stators will tolerate the Cambay condensate aromatic content of
40%.

 

As an alternative, the Company is evaluating the use of PCM's all metal PCP
which eliminates the aromatics issue but at a significantly higher cost and
longer lead time.

 

Since the PCP specification selection has long-term full field development
implications, the Company will continue its evaluation studies in order to
make an informed decision prior to finalising purchase orders. Further updates
will be provided as and when appropriate.

 

For and on behalf of Synergia Energy Limited

Roland Wessel

CEO

 

 

For further information, please contact:

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

 Synergia Energy Ltd                  Novum Securities                      Strand Hanson Limited              Vigo Consulting

 Briana Stayt                         Broker                                Nominated Adviser                  Investor Relations

 Investor Relations                   Colin Rowbury                         Ritchie Balmer/Rory Murphy         Patrick d'Ancona / Finlay Thomson

 Email:  bstayt@synergiaenergy.com    Email: crowbury@novumsecurities.com   Tel: +44 20 7409 3494              Email: patrick.dancona@vigoconsulting.com

 Tel: +61 8 9485 3200                 Tel: +44 20 7399 9427                 UK                                 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  UPDWPUUWGUPWGMG