REG - Synergia Energy Ltd - Cambay Work Program Update

Synergia EnergyAnnouncement

14/10/2024 07:00

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RNS Number : 9365H  Synergia Energy Ltd  14 October 2024

RNS Announcement

 

14 October 2024

 

AIM: SYN

Cambay Work Program Update

 

Synergia Energy Ltd ("Synergia" or the "Company") provides the following
update regarding the Company's Cambay PSC joint venture and its carbon capture
and storage ("CCS") projects in the UK and India.

 

Cambay PSC

During the recent Technical Committee Meeting held by Synergia's JV partner,
Selan Exploration Technology Limited ("Selan"), the planned work program
associated with the Company's Cambay Field Production Sharing Contract
("Cambay PSC") in Gujarat State, India, and the sequence of workover
operations for the candidate wells was finalised, subject to further
individual well analysis:

Well Number      Completion Operation

C-70                       Perforate MBS formation

C-63                       Wellbore cleanout;
re-perforate; install artificial lift pump

C-64                       Install artificial lift pump

C-73                       Wellbore cleanout; install
artificial lift pump

C-20                       Install artificial lift pump

C-74                       Wellbore cleanout; install
artificial lift pump

C-77H                    Well data acquisition; finalize
future workover program

Selan plan to conduct workover operations on a minimum 3 wells and potentially
up to 6 wells on the Cambay PSC.

The workover sequence, starting with C-70, will commence after the wells have
been subjected to individual pressure gradient surveys during October /
November 2024. All the contracts required for the workover operations are
progressing as per the timeline. The Company believes the workover program
will result in material incremental production and cashflow from the Cambay
PSC and a better understanding of well behaviour ahead of the drilling of
three new wells which is currently planned to commence Q2 2025. Synergia will
be carried by Selan through the agreed US$20 million work program.

 

Medway Hub Camelot CCS project

Synergia is the nominated operator of UK carbon storage license CS019 Camelot
which is now a 50:50 joint venture with Harbour Energy. Synergia and its joint
venture partner have been assiduously working through the NSTA work program
which is currently in the site characterisation phase. Following the
re-processing of the 3D seismic data set, the seismic interpretation is being
finalised but initial results show a marked uplift in seismic data clarity and
definition. In parallel, a number of other work streams are currently underway
including geochemical and geomechanical studies, legacy well integrity
analyses, petrophysical analysis and static and dynamic reservoir modelling.

The Company is encouraged by the recent announcement of the £22 billion
investment plan to support CCS projects on Teesside and Merseyside by the UK
Government. However, the Company's Medway Hub Camelot CCS project is being
planned as a merchant scheme and is not predicated by future UK Government
funding.

Cambay CCS Scheme

During July 2024, Synergia discussed its Cambay-based CCS scheme with the
Directorate General of Hydrocarbons ("DGH") principals resulting in an
agreement to develop and propose a proof of concept pilot project on the
Cambay PSC. A recent meeting involving Synergia, DGH and Mumbai Institute of
Technology personnel was held to progress the pilot project which the Company
hopes will attract Government of India funding support.

 

 

 

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 Liberum Ltd                          Novum Securities               Strand Hanson Limited          Vigo Consulting

 Briana Stayt                Broker                                       Broker                         Nominated Adviser              Investor Relations

 Investor Relations          Mark Murphy / Rauf Munir / 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

 

 

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