REG - Synergia Energy Ltd - Cambay Farm Out and CCS Update

Synergia EnergyAnnouncement

27/02/2023 07:00

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RNS Number : 9996Q  Synergia Energy Ltd  27 February 2023

RNS Announcement

 

27 February 2023

AIM: SYN

Cambay Farm Out and CCS Update

 

Synergia Energy Ltd (the "Company" or "Synergia") is pleased to provide the
following update concerning the Cambay field.

 

Roland Wessel, Synergia's CEO, visited several companies in Delhi and
Ahmedabad concerning the Cambay field farm out process. These companies are
finalising their due diligence and detailed technical and commercial
discussions are ongoing. Synergia is optimistic that a farm out arrangement
will be achieved, enabling the commencement of the full field development in
2023. To this end, preparations have been initiated to procure the required
services and equipment to drill the initial two new horizontal wells in the
Cambay Eocene gas reservoir, including a field inspection of a modern drilling
rig suited to the Company's requirements.

 

Work also continues on an artificial lift solution for the C-77H well. In
addition to the progressive cavity pump ("PCP") solution, the Company is
evaluating a cheaper and more readily available jet pump system. The jet pump
solution is also being evaluated for installation on the C-19z well to boost
oil production.

 

The conceptual Cambay CCS Scheme has generated considerable interest and
support. Meetings were conducted with the Directorate of Hydrocarbons ("DGH")
and the Government of Gujarat Climate Change Department. In addition, meetings
were held with senior representatives from Torrent Power and Gujarat State
Electricity Corporation Limited ("GESCL"), two of the largest power station
operators in the Cambay vicinity.

 

The Company will be assisting the DGH in the development of a regulatory
framework which may initially result in the amendment of the Cambay PSC to
incorporate CCS activities.

 

The Cambay CCS Scheme represents India's first end to end CCS scheme but will
require both funding and the development of both a regulatory framework and
incentives for the emitting companies to implement CCS. Synergia aim to play
an integral part in these developments.

 

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

 

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