REG - Synergia Energy Ltd - GOI Approval for Working Interest Transfer

Synergia EnergyAnnouncement

22/07/2024 07:00

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RNS Number : 2499X  Synergia Energy Ltd  22 July 2024

 

RNS Announcement

 

22 July 2024

 

AIM: SYN

Government of India Approval for Working Interest Transfer

 

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, Synergia
Energy Ltd ("Synergia" or the "Company") is pleased to announce 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.

The GOI approval completes the farm-out to Selan and unlocks the path to a
full field development of the Cambay PSC with a sophisticated and experienced
operator-partner. In addition to the US$2.5 million upfront payment due from
Selan, Synergia will be carried by Selan through an agreed US$20 million work
programme ("WP") comprising 3 new wells focussed on the Eocene reservoir and
at least 3 well work-overs. The WP will commence as soon as practicable and
announcements concerning the commencement of WP operations will be made in the
near future.

 

Synergia Energy CEO, Mr Roland Wessel, said:

"The Farm Out Agreement with Selan marks a pivotal moment for Synergia and its
long history with the Cambay PSC. We look forward to an early commencement of
work-over and drilling operations to realise the value of the significant
Cambay PSC reserves."

 

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 Gordon (UK) Ltd                     Novum Securities               Strand Hanson Limited          Vigo Consulting

 Briana Stayt                Broker                                      Broker                         Nominated Adviser              Investor Relations

 Investor Relations          Mark Murphy / Hugh Rich / 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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