REG - Synergia Energy Ltd - Medway Hub Camelot CCS Project Update

Synergia EnergyAnnouncement

28/11/2024 16:00

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RNS Number : 0750O  Synergia Energy Ltd  28 November 2024

RNS Announcement

 

28 November 2024

 

AIM: SYN

Medway Hub Camelot CCS Project Update

 

The Board of Synergia Energy Limited (Synergia or the Company) announces the
following update to the Company's Medway Hub Camelot CCS project, (the "CCS
Project"), a 50:50 joint venture with Harbour Energy with Synergia as the
nominated Operator.

 

Harbour Energy informed Synergia on 28 November 2024 that it intends to
withdraw from the Camelot joint operating agreement and the associated carbon
storage licence CS019 (the "Licence").

 

Synergia and Wintershall Dea were awarded the Licence after a joint
application was approved by the North Sea Transition Authority ("NSTA").
Wintershall Dea was acquired by Harbour Energy on 3 September 2024 and the
acquisition included Wintershall Dea's portfolio of CCS projects, including a
50% interest in the CCS project.

 

Synergia is committed to the CCS Project which is being progressed through the
NSTA-prescribed work program and solid progress is being achieved. Harbour
Energy's decision to withdraw from the CCS Project is seen as part of a
rationalisation of its CCS portfolio.

 

Subject to NSTA approval, the Company's interest in the CCS Project will
revert to 100%. The Company will seek to identify a replacement joint venture
partner and will continue to progress the work program.

 

Synergia's CEO, Roland Wessel said:

 

"The Company believes the Medway Hub Camelot CCS project has significant
technical and commercial merit and has the potential to make a material
contribution towards the UK Government's net zero targets, with a target
 storage rate of up to 6.5 million tonnes of CO(2) annually. The Company
remains committed to progressing the project through to commercial operations
and is pleased with the technical work undertaken to date on the project,
which has reinforced its potential long term value to shareholders."

 

 

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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