REG - Synergia Energy Ltd - Closing of the Selan Farm Out Agreement

Synergia EnergyAnnouncement

01/08/2024 07:00

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RNS Number : 6697Y  Synergia Energy Ltd  01 August 2024

RNS Announcement

 

1 August 2024

 

AIM: SYN

Closing of the Selan Farm Out Agreement

 

Further to its announcement of the execution of a farm-out agreement with
Selan Exploration Technology Limited ("Selan") regarding the Company's Cambay
Field Production Sharing Contract ("Cambay PSC") on 14 February 2024, and
further to the announcement of the approval by the Government of India ("GOI")
for the transfer of a 50% interest in the Cambay PSC to Selan effective 19
July 2024, Synergia Energy Ltd ("Synergia" or the "Company") announces the
closing of the Selan farm-out agreement effective today.

The closing of the farm-out agreement initiates the 18-month work programme
period whereby Synergia will be carried by Selan through an agreed US$20
million work programme starting with the workovers of three legacy wells
followed by the drilling of two new vertical wells and one new horizontal
well. In addition, the US$2.5 million upfront payment has been made to
Synergia and Synergia's Cambay operating personnel have been transferred to
Selan who are acting as Lead Joint Operator for the work programme.

The Company plans to provide the market with regular updates concerning the
progress made on the work programme which is expected to commence shortly.

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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