REG - Synergia Energy Ltd - Cambay PSC SPA Signature / Cambay PSC Update

Synergia EnergyAnnouncement

01/12/2025 07:00

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RNS Number : 6370J  Synergia Energy Ltd  01 December 2025

RNS Announcement

 

01 December 2025

 

AIM: SYN

Cambay PSC SPA Signature / Cambay PSC Update

 

Synergia Energy Limited ("Synergia" or the "Company"), announces the following
update regarding its Cambay PSC (WI: 50%), onshore India.

 

Sale of Cambay PSC 50% working interest to Antelopus Selan Energy
Limited("Selan")

 

The Company and Selan have signed a Sale and Purchase Agreement ("SPA") for
the sale of the Company's 50% working interest in the Cambay PSC for a gross
consideration of $14 million, of which $0.5 million has already been received.
The SPA calls for an initial payment of $6.5 million (excluding taxes) on
completion and a further payment of $7 million before taxes, 12 months after
completion.

 

The book value of the 50% Working interest in Cambay PSC as at 30 June 2025
was $11.2 million. Operating losses attributable to the asset in the year to
30 June 2025 were $0.5 million.

 

The transaction is subject to approval from the Government of India and
subject to Selan establishing a bank guarantee for the deferred payment in a
format suitable for the Company.

 

The  transaction will result in a fundamental change of business in
accordance with Rule 15 of the AIM Rules for Companies; the transaction is
subject to shareholder approval. Notice of a General Meeting to approve the
transaction is expected to be issued shortly and will include further details.
The Notice of General Meeting will also include details of the Company's
intention to seek the cancellation of trading in the Company's shares on AIM.

 

Should shareholder approval for the transaction be given at the General
Meeting, the Company will submit a Deed of Assignment to the Directorate
General of Hydrocarbons for approval of the transfer of the 50% working
interest in the Cambay PSC to Selan, which will trigger the completion of the
transaction.

 

Workover Operations:

 

·    Following the recent work over, the Cambay C-64 well continues to
produce at an average of 30 bopd.

 

·    The C-72 well has yet to achieve a stable production level while the
waxy crude issues are being resolved.

 

·    The C-74 well has produced back the brine "kill" fluid and the well
has started to produce oil. The level of sustainable production will be
announced when stable production is achieved.

 

·    The Aakash work over rig remains on the C-19z well location for the
well clean up operation.

 

Drilling Operations:

 

Having reached a Total Depth of 1827 meters, the C-78 well has been logged
with a suite of wireline logs and

5 ½" casing has been installed. The next operations are to perforate the
casing at the pay zone level and production test the well.  The logs indicate
the presence of hydrocarbons around 1650 meters TVD which is at the OSII
target level. Further details will be announced as appropriate in due course.

 

 

 

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.

 

The technical information contained in the above disclosure has been prepared
by or under the supervision of Mr Roland Wessel (BSc (Hons) Geology), CEO and
Executive Director employed by Synergia Energy Ltd. Mr Wessel has over 45
years' experience in the oil and gas industry. Mr Wessel meets the
requirements of and acts as the Qualified Person under the Alternative
Investment Market Rules - AIM Note for Mining and Oil & Gas Companies,
and consents to the inclusion of this information in this announcement in the
form and context in which it appears.

 

 

For and on behalf of Synergia Energy Limited

 

Roland Wessel

CEO

 

For further information, please contact:

 

 Investor Enquires           Nominated Advisor and Joint Broker             Joint Broker

 Synergia Energy Ltd         SP Angel Corporate Finance LLP                 Novum Securities

 Briana Stayt                Stuart Gledhill / Richard Hail / Devik Mehta   Colin Rowbury

 Investor Relations                                                         Email:

 Email:                      Tel: +44 (0)20 3470 0470                       crowbury@novumsecurities.com

 bstayt@synergiaenergy.com   UK                                             Tel: +44 20 7399 9427

 Tel: +61 8 9485 3200                                                       UK

 Australia

 

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