REG - Synergia Energy Ltd - Cambay Workover Update

Synergia EnergyAnnouncement

19/12/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241219:nRSS6577Qa&default-theme=true

RNS Number : 6577Q  Synergia Energy Ltd  19 December 2024

RNS Announcement

 

19 December 2024

 

AIM: SYN

Cambay Workover Update

 

The Board of Synergia Energy Limited (Synergia or the Company) announces the
following update to the Company's Cambay PSC (WI: 50%) in India.

 

As part of the $20 million work program for which Synergia is being carried by
Selan Exploration ("Selan"), Cambay well C-70 was selected as the first
workover candidate as a gas producer. The wellbore was efficiently cleaned up
and perforated in the reservoir zone using a 30T workover rig. Subsequently
the well was tied into the C-73 gas processing facility and tested at a rate
of 150,000 SCFD, with a stable flowing wellhead pressure of 1100 PSI. The
production test was limited due to low-pressure grid constraints, but will
potentially more than double the existing gas production rate. The forward
plan includes continuous monitoring of C-70's performance and testing its full
production potential by deploying a skid-mounted well test unit. As much gas
as possible will be sold to the grid at c. $9/MCF with minimised flaring.

 

The second workover, on the C-63 well, is currently underway with a sucker rod
pump (SRP) having been installed.

 

Pre-workover activities have positively impacted crude oil production, which
has increased by an average rate of 25 barrels of oil per day since November
1, 2024, which continues to date.

 

Roland Wessel, Synergia's CEO said:

 

"This is a very positive start to the Selan carried work program. The initial
C70 gas production has more than doubled overall gas production from the
Cambay field and will have a positive impact on cashflow."

 

 

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

 

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  UPDUWSBRSVUUAAA