REG - Synergia Energy Ltd - Proposed Sale, cancellation of admission, & GM
01/12/2025 11:15
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251201:nRSA7033Ja&default-theme=true
RNS Number : 7033J Synergia Energy Ltd 01 December 2025
RNS Announcement
1 December 2025
AIM: SYN
Proposed Sale of 50% Working Interest in Cambay PSC, India
Proposed cancellation of admission of Ordinary Shares to trading on AIM
Proposed return of capital to shareholders
and
Notice of General Meeting
NOTICE IS HEREBY GIVEN that a General Meeting of Shareholders of Synergia
Energy Ltd (ABN 50 078 652 632) (Company) will be held at Vigo Consulting,
78-79 New Bond Street, London, W1S 1RZ, United Kingdom on 29 December 2025 at
10.00am (GMT) / 6.00pm (AWST) to conduct the business set out below.
Attached is a copy of the Notice of Meeting containing an explanatory Letter
from the Chairman and details of the resolutions to be proposed.
For and on behalf of Synergia Energy Limited
Allison Pacinotti Company Secretary
For further information, please contact:
Investor Enquires Nominated Advisor and Joint Broker Joint Broker
Synergia Energy Ltd SP Angel Corporate Finance LLP Novum Securities
Briana Stayt Stuart Gledhill / Richard Hail / Devik Mehta Colin Rowbury
Investor Relations Email:
Email: Tel: +44 (0)20 3470 0470 crowbury@novumsecurities.com
bstayt@synergiaenergy.com UK Tel: +44 20 7399 9427
Tel: +61 8 9485 3200 UK
Australia
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.
1 December 2025
Letter from the Chairman
To Shareholders, persons with information rights in the Company, and, for
information only, to holders of options over Ordinary Shares,
Dear Shareholder,
Proposed Sale of 50% Working Interest in Cambay PSC, India
Proposed cancellation of admission of Ordinary Shares to trading on AIM
Proposed return of capital to shareholders
and
Notice of General Meeting
1.1 Introduction
On 4 July 2025, the Company announced the proposed execution of a sale and
purchase agreement (the "Sale and Purchase Agreement") for the sale of its 50%
working interest in the Cambay PSC, onshore India, to Selan Exploration
Limited (the "Transaction"). The Transaction is conditional, pursuant to Rule
15 of the AIM Rules on the consent of its shareholders in a General Meeting.
In addition, the Company announces its intended cancellation of the admission
of its Ordinary Shares to trading on AIM (the "Cancellation"). It also
announces an initial outline of a return of capital to Shareholders, in
connection with the proposed Cancellation.
After careful consideration of the merits of the Company's continued
participation in the joint venture with Selan concerning the Cambay PSC, the
Board has concluded, for the reasons set out in paragraph 6.2 below, that it
is in the best interests of the Company and its Shareholders to sell the
Company's 50% working interest in the Cambay PSC to Selan. Subject to the
approval of the Transaction by Shareholders, the Company will execute the Sale
and Purchase Agreement and submit a Deed of Assignment to the Government of
India to transfer the Company's 50% working interest in the Cambay PSC to
Selan. The details of the Transaction are laid out in paragraph 1.9 below.
In addition, for the reasons set out in paragraph 1.3 below, the Board has
concluded that it is in the best interests of the Company and its Shareholders
to seek the Cancellation. This letter sets out the reasons for, and
implications of, the proposed Cancellation, and provides further details on
the expected processes. The Cancellation is conditional upon Resolution 1
being passed at the General Meeting to be held at 10.00am (GMT) on 29 December
2025, notice of which is set out at Part 1 of this document. Subject to the
approval of the Cancellation, the Company will take steps to cancel the
admission of its Ordinary Shares to trading on AIM, such that the Ordinary
Shares will no longer be admitted to trading on any regulated exchange or a
multilateral trading facility in the United Kingdom. If the Cancellation
Resolution is passed at the General Meeting, it is anticipated that the
Cancellation will become effective at 7.00 a.m. on 7 January 2026. The
Cancellation Resolution is conditional, pursuant to Rule 41 of the AIM Rules,
upon the approval of Shareholders holding not less than 75 per cent. of the
votes cast by Shareholders (whether present in person or by proxy) at the
General Meeting. Pursuant to Rule 41 of the AIM Rules, the Company, through
its Nominated Adviser, SP Angel, has notified the London Stock Exchange of the
date of the proposed Cancellation.
The purpose of this document is to explain the background to, and the reasons
for, the Proposals and to explain the consequences of the Proposals and
provide reasons why the Directors consider the Proposals are in the best
interests of the Company and its Shareholders as a whole.
1.2 Reasons for the Transaction
Synergia entered into a Farm In / Farm Out joint venture agreement (the "FIFO"
Agreement) with Selan (the "JV") on 14 February 2024. The FIFO Agreement
completed on 1 August 2024 after Government of India granted approval on 19
July 2024. An associated Joint Operating Agreement governs how the PSC is run
with Selan as nominated lead joint operator.
Synergia entered into the JV with Selan on the understanding that there would
be a rapid development of the 205 BCF of P50 gas reserves in the Eocene
reservoir on the Cambay PSC, with two vertical wells to be followed by a
horizontal, multi-stage fracked well as part of an agreed US$20 million work
program through which Selan would carry Synergia's costs.
Due to the lack of availability of suitable drilling rigs, to date six legacy
wells have been worked over and the drilling of new wells only commenced in
November 2025. The lack of incremental production Synergia anticipated from
the drilling of new wells from Q4 2024 onwards led to Synergia being forced to
undertake two fund raises (5 November 2024 - £632,500, and 24 February 2025 -
£750,000) to cover ongoing costs and overheads. These fundraises were
undertaken under adverse market conditions and led to a significant reduction
in share value.
Taking into account the likely drilling and completion time for the first new
well and the time to bring new production onstream, the Synergia Board
considered the risk of needing to undertake additional fund raises with the
subsequent associated value destruction for shareholders too significant,
particularly since the Company has insufficient cash reserves to weather
geological or well construction failures.
The Company also proposed a Cambay Basin CCS scheme Pilot Project to the
Government of India whereby the extensive Olpad Formation which underlies the
hydrocarbon-bearing reservoirs in the Cambay Basin would be used to sequester
significant volumes of CO(2). The Company awaits government approval and
funding for the Pilot Project and a Synergia operated Cambay CCS Scheme is
accommodated in the proposed Sale and Purchase Agreement. However, there is
currently no visibility as to when the Government of India approval for the
Cambay CCS Scheme will be forthcoming.
Although the Company remains enthusiastic with respect to the Cambay PSC
potential, having engaged with Synergia's largest shareholder, RIM, the Board
has concluded that a sale of the Company's working interest in the PSC and a
subsequent return of funds to shareholders is in shareholders' best interests.
Pursuant to AIM Rule 15, the Transaction will result in a fundamental change
of the Company's business. Details of the Transaction are noted in section
1.9.
Completion of the Transaction is subject to both shareholder approval and
Government of India approval. The aggregate value of the proposed
Transaction is US$14 million to be paid in two tranches, the first being
US$6.5 million upon completion of the Sale and Purchase Agreement with the
second tranche of US$7 million being 12 months after completion. The Company
received an initial US$0.5m payment from Selan after a Heads of Terms was
executed as announced by the Company on 4 August 2025.
1.3 Reasons for the Cancellation
Synergia is an Australian company whose shares are admitted to trading on the
AIM Market of the London Stock Exchange in the UK. The Company is managed from
the UK. The Company's current interests are its 50% working interest in the
Cambay PSC, the associated Cambay CCS scheme and its UK Medway Hub Camelot CCS
project.
The Company have been evaluating all possible means of reducing the cost base
of the business in order to extend the Company's cash runway as much as
possible without compromising governance arrangements. To this end, the
Company has deferred the non-executive directors and CEO's salaries and
consolidated advisors. In addition, the UK CCS project has been placed into a
"care and maintenance" mode while the Company brings a new joint venture
partner on board to replace Harbour Energy. In addition, the Cambay PSC
operating costs and the cost of the Synergia India Project Team are being
carried by Selan.
Notwithstanding the considerable cost reductions already achieved as described
above, the Company's most significant cost driver is currently associated with
its listing on AIM. The Board has extensively reviewed and evaluated the
benefits and drawbacks for the Company and its shareholders in retaining the
admission to trading of the Ordinary Shares on AIM. The Board has concluded
that the continued admission to trading of the Ordinary Shares on AIM is not
in the shareholders' best interests and that the Cancellation is in the best
interests of the Company and its shareholders as a whole, for the following
reasons:
· Costs and regulatory burden: the considerable cost and management
time and the legal and regulatory burden associated with maintaining the
Company's admission to trading on AIM is, in the Board's opinion,
disproportionate to the benefits of the Company's continued admission to
trading on AIM. Given the lower costs associated with private limited company
status, the Cancellation is expected to substantially reduce the Company's
administrative, broking and professional advisor costs thereby maximising the
return of proceeds from the sale of the Cambay PSC working interest to
shareholders.
· Access to appropriate finance: the Board is of the opinion that
raising further significant equity through the public market would be
challenging in the medium term and would be value-destructive to the majority
of shareholders. The Board has concluded that as a private company it may have
broader access to specialist investors and enhance the ability of the Company
to raise the capital required to fund its activities and overheads.
· Shareholder reset: many long-term shareholders have seen a decline in
share value as a result of a general capital market weakness. The Board
believes proposed de-listing from AIM will provide the flexibility to achieve
a re-set of shareholdings such that shareholders will benefit from a return of
capital and have the option to sell down via a share buy-back scheme. In
addition, delisting will provide the opportunity to implement a share
consolidation and shareholding rationalisation.
The Company has also reviewed its strategy as detailed in paragraph 1.5 below
and remains committed to its CCS interests in the UK and India and will
additionally continue to assess oil and gas development opportunities in
India.
1.4. Principal effects of the Cancellation
The Company welcomes all Shareholders who wish to remain Shareholders of the
Company in the event of Cancellation. However, the Directors are aware that
certain Shareholders may be unable, or unwilling, to continue to hold shares
in a private company in the event that the Cancellation is approved and
becomes effective. Such Shareholders may consider selling their Ordinary
Shares in the market prior to the Cancellation becoming effective.
Alternatively, should the Cancellation become effective, the Company is
seeking to implement a Matched Bargain Facility to facilitate the buying and
selling of Ordinary Shares between Shareholders and new investors by matching
buyers and sellers through periodic auctions.
The principal effects of the Cancellation and Matched Bargain Facility are set
out in Appendix 1.
1.5 Strategy Re-focus Following the Proposals
The Company will re-focus its activities following the Proposals and will:
· Strive to progress the UK Medway Hub Camelot CCS project and install
a new joint venture partner to replace Harbour Energy on the CS019 Camelot CCS
licence
· Seek to manage the return of capital to shareholders via a share
buy-back scheme (see further details below)
· The India Project Office will manage the exit from the Cambay PSC and
recovery of proceeds and withholding taxes
· Progress the Cambay Basin CCS Scheme with regulatory authorities and
the Government of India
· Seek to identify additional oil and gas development opportunities,
primarily in India leveraging off the experience and expertise of the IPO team
1.6 Cancellation Process
Under the AIM Rules it is a requirement that, unless the London Stock Exchange
agrees otherwise, the Cancellation must be conditional on the approval of not
less than 75 per cent. of votes cast by shareholders at a general meeting. In
addition, any AIM quoted company that wishes for the London Stock Exchange to
cancel the admission of its shares to trading on AIM is required to notify
shareholders and to separately inform the London Stock Exchange of its
preferred cancellation date at least 20 Business Days prior to such date.
The Board are hereby convening the General Meeting to vote on the Cancellation
Resolution and have notified the London Stock Exchange of the Company's
intention, subject to the Cancellation Resolution being passed at the General
Meeting, to cancel the Company's admission of the Ordinary Shares to trading
on AIM on 29 December 2025. Accordingly, the Directors (through the Company's
nominated adviser, SP Angel) have notified the London Stock Exchange of the
Company's intention, subject to the Cancellation Resolution being passed at
the General Meeting, to cancel the admission of the Ordinary Shares to trading
on AIM. The Cancellation will not take effect until at least five clear
Business Days have passed following the passing of the Cancellation Resolution
and a dealing notice has been issued.
If the Cancellation Resolution is passed at the General Meeting, it is
proposed that the last day of trading in Ordinary Shares on AIM will be 6
January 2026 and that the Cancellation will take effect at 7.00 a.m. 7 January
2026.
Upon the Cancellation becoming effective, SP Angel will resign as nominated
adviser to the Company, and the Company will no longer be required to comply
with the AIM Rules.
1.7 Return of Capital to Shareholders
It is the Company's intention to return capital to shareholders with the
proceeds arising from the Transaction and the Company is currently assessing
various options to do so in a fair and equitable way.
The return of capital to shareholders will likely occur in two stages due to
the proceeds from the Transaction being in two tranches, 12 months apart.
Further details on the mechanics and terms of the return of capital will be
made available following completion of the Transaction.
1.8 Matched Bargain Facility
The Directors are aware that Shareholders may wish to acquire or dispose of
Ordinary Shares in the Company following the Cancellation.
To the extent that Shareholders have not sold their shares on AIM before the
Cancellation takes effect and should the Cancellation Resolution be approved
by Shareholders at the General Meeting, the Company is seeking to implement a
Matched Bargain Facility. Further details will be communicated to the
Shareholders at the relevant time, but it is planned that the Matched Bargain
Facility is implemented as soon as possible following the Cancellation and be
maintained for a minimum of 12 months following the Cancellation.
Further details are provided in Appendix 1 to the Notice of Meeting.
1.9 Transaction details
The Company proposes the Sale of its 50% Working Interest in Cambay PSC, India
to Antelopus Selan Energy Limited ("Selan") for a total consideration of US$14
million, including US$0.5 million received on signing of Heads of Terms, and
the remainder payable in two tranches:
Tranche one: The Company will receive cash of US$6.5 million subject to tax on
completion of the Sale and Purchase Agreement.
Tranche two: The Company will receive cash of US$7.0 million subject to tax,
twelve months following the date of completion of the Sale and Purchase
Agreement.
Should shareholder approval for the Transaction be given at the General
Meeting, the Company will submit a Deed of Assignment to the Directorate
General of Hydrocarbons for approval which will trigger the Completion of the
Transaction.
The book value of the 50% Working interest in Cambay PSC as at 30 June 2025
was US$11.2 million. Operating losses attributable to the asset in the year to
30 June 2025 was US$0.5 million.
The Transaction is subject to shareholders' approval at the General Meeting
details of which are set out below.
The Transaction is also subject to approval from the Government of India and
subject to Selan establishing a bank guarantee for the deferred payment in a
format suitable for the Company.
1.10 Recommendation
The Board considers the Transaction and the Cancellation to be in the best
interests of Shareholders as a whole. Accordingly, the Board makes the
recommendation for shareholders to vote their Ordinary Shares in favour of the
Resolutions.
1.11 General Meeting and Actions to be Taken
The Transaction and the Cancellation require the passing of Resolutions 1 and
2. Accordingly, a Notice of the General Meeting convening a meeting to be held
at Vigo Consulting, 78-79 New Bond Street, London, W1S 1RZ, United Kingdom on
29 December 2025 at 10.00am (GMT) is set out at Part 1 of this document.
Whether or not you propose to attend the General Meeting, you are requested to
complete the Form of Proxy in accordance with the instructions printed thereon
and return it, duly signed, together with any power of attorney under which it
is executed, as soon as possible but in any event so as to arrive not later
than 10.00am (GMT) on 23 December 2025. Completion and return of a Form of
Proxy will not preclude a member from attending and voting at the General
Meeting should they so wish.
Yours faithfully,
Joe Salomon, Chairman
Business of the General Meeting
Resolution 1 - Approval of Sale & Purchase Agreement
To consider and, if thought fit, to pass the following resolution as an
Ordinary Resolution:
"That, for the purposes of Rule 15 of the AIM Rules for Companies, the
Transaction (as defined in the Glossary), on the terms and subject to the
conditions of the Sale and Purchase Agreement (as defined in the Glossary) be
and is hereby approved and that the board of directors (or a duly constituted
committee of the board of directors) of the Company be and are hereby
authorised to take such steps as they may in their absolute discretion think
fit in order to implement and give effect to the Sale and Purchase Agreement,
and any related documentation to give effect to the Transaction, including
approving such variations or amendments to the Sale and Purchase Agreement (or
any transaction documents referred to therein) and doing such other acts and
things as they may in their absolute discretion consider to be necessary or
desirable in order to implement and give effect to the Transaction and/or any
matter incidental to the Transaction."
A voting exclusion statement applies to this Resolution.
Resolution 2 - Proposed Cancellation of Admission of Shares to trading on AIM
To consider and, if thought fit, to pass the following resolution as a Special
Resolution:
"That, subject to the passing of Resolution1, for the purposes of Rule 41 of
the AIM Rules for Companies, and for all other purposes, the cancellation of
the admission of the Company's ordinary shares to trading on AIM, a market of
that name operated by the London Stock Exchange plc, as detailed in the Letter
from the Chairman, be and is hereby approved and that the directors of the
Company be and are hereby authorised to take all steps which they in their
absolute discretion consider to be necessary or desirable in order to effect
such cancellation."
A voting exclusion statement applies to this Resolution.
Voting Exclusion for Resolutions 1 and 2:
The Company will disregard any votes cast on the Resolutions by a person who
might obtain a benefit (except a benefit solely in the capacity of a
Shareholder) if the Resolutions are passed, and any associate of those persons
(as applicable). The Company need not disregard a vote if:
· a person as proxy or attorney for a person who is
entitled to vote on the Resolutions, votes in accordance with directions given
to the proxy or attorney to vote on the resolutions in that way; or
· the Chair as proxy or attorney for a person who is
entitled to vote on the Resolutions, votes in accordance with a direction
given to the Chair to vote on the Resolutions as the Chair decides; or
· a holder acting solely in a nominee, trustee, custodial
or other fiduciary capacity votes on behalf of a beneficiary provided the
following conditions are met:
o the beneficiary provides written confirmation to the holder that the
beneficiary is not excluded from voting, and is not an associate of a person
excluded from voting, on the Resolutions; and
o the holder votes on the Resolutions in accordance with directions
given by the beneficiary to the holder to vote in that way.
Any beneficiary, not easily identifiable by the Company as a person to be
excluded, should exclude themselves from voting on the relevant Resolution(s).
Other business
In accordance with Section 250S(1) of the Corporations Act 2001, Shareholders
are invited to ask questions about or make comments on the management of the
Company and to raise any other business which may lawfully be brought before
the General Meeting.
By order of the Board
Allison Pacinotti
Company Secretary
1 December 2025
Expected Timetable of Principle Events
Announcement of the proposed Transaction 1 December 2025
Announcement of proposed Cancellation 1 December 2025
Posting of this document and Forms of Proxy 4 December 2025
Latest time and date for receipt of completed Forms of Proxy to be valid at 10am GMT 23 December 2025
the General Meeting
Time and Date of General Meeting 10am 29 December 2025
Result of General Meeting published via RNS 29 December 2025
Expected last day of dealings in the Ordinary Shares on AIM 6 January 2026
Expected time and date of Cancellation 7:00 a.m. on 7 January 2026
Share Trading post-Cancellation
Cancellation
Prior to the Cancellation, shareholders will be able to buy or sell Ordinary
Shares up to and including, the last day of dealings in the Ordinary Shares on
AIM. As noted in the Letter from the Chairman, in the event that Shareholders
approve the Cancellation, it is anticipated that the last day of dealings in
the Ordinary Shares on AIM will be 6 January 2026 and that the effective date
of the Cancellation will be 7 January 2026.
Cancellation Considerations
The Board considers that, in deciding whether or not to vote in favour of the
Cancellation, Shareholders should take their own independent advice and
consider carefully the advantages and disadvantages of the Cancellation
(including, but not limited to, those set out below) in light of their own
financial circumstances and investment objectives. The Directors are aware
that Shareholders may also wish to acquire or dispose of Ordinary Shares in
the Company following the Cancellation and accordingly intend to implement a
Matched Bargain Facility.
The principal effects of the Cancellation will include the following:
(i) there will no longer be a formal market mechanism
enabling Shareholders to trade their Ordinary Shares on AIM or any other
recognised market or trading exchange (other than the limited off-market
mechanism that will be provided by the Matched Bargain Facility) and no price
will be publicly quoted for the Ordinary Shares;
(ii) in the absence of a formal market and quoted price,
it may be difficult for Shareholders to determine the market value of their
investment in the Company at any given time;
(iii) the Ordinary Shares may be more difficult to sell
compared to shares of companies traded on AIM or any other recognised market
or trading exchange;
(iv) it is possible that, following the publication of this
document, the liquidity and marketability of the Ordinary Shares may be
significantly reduced and their value adversely affected (however, as set out
above, the Directors believe that the existing liquidity in the Ordinary
Shares is, in any event, limited);
(v) the regulatory and financial reporting regime applicable
to companies whose shares are admitted to trading on AIM will no longer apply
and the Company will no longer be required to comply with the AIM Rules (and
accordingly, Shareholders will no longer be afforded the protections given by
the AIM Rules). In particular, and among other things:
a. the Company will not be required to make any public announcements of
price sensitive information or material events, announce its interim or final
results, comply with any of the corporate governance practices applicable to
AIM companies, announce substantial transactions and related party
transactions, comply with the requirement to obtain shareholder approval for
reverse takeovers and fundamental changes in the Company's business, or
maintain a website containing the information required by the AIM Rules;
b. SP Angel Corporate Finance will cease to be the Company's nominated
adviser and the Company will cease to retain a nominated adviser, and SP Angel
Corporate Finance will cease to be the Company's broker and the Company will
cease to retain a broker.
(vi) the levels of disclosure and corporate governance within
the Company may not be as stringent as for a company with shares admitted to
trading on AIM;
(vii) the Company will no longer be subject to UK MAR regulating
inside information (among other things);
(viii) the Company will no longer be subject to the Disclosure
Guidance and Transparency Rules and will therefore, among other things, no
longer be required to publicly disclose major shareholdings in the Company and
changes to them, from time to time;
(ix) whilst it is expected that the Company's CREST facility
will remain in place immediately post the Cancellation becoming effective, the
Company's CREST facility may be cancelled in the future and, although the
Ordinary Shares will remain transferable following the Cancellation, they may
cease to be transferable through CREST (in which case, Shareholders who hold
Ordinary Shares in CREST will receive share certificates);
(x) the Board currently proposes to procure that the Company
continues to maintain its website www.synergiaenergy.com
(http://www.synergiaenergy.com) and to post updates on that website from time
to time, although as described above, Shareholders should be aware that there
will be no obligation on the Company to include the information required under
Rule 26 of the AIM Rules or to make announcements and/or update the website as
required by the AIM Rules and there is no obligation on the Company or future
Board directors to maintain the website or post updates to it;
(xi) the Cancellation might have either positive or negative
taxation consequences for Shareholders. Shareholders who are in any doubt
about their tax position should consult their own professional independent
adviser immediately;
(xii) following the Cancellation, all transfers of Ordinary
Shares will be liable for stamp duty or SDRT (unless a relevant exemption or
relief applies to a particular transfer).
Matched Bargain Facility
To assist Shareholders that have not sold their Ordinary Shares on AIM before
the Cancellation takes effect, should the Cancellation Resolution be approved
by Shareholders at the General Meeting, the Company is seeking to implement a
Matched Bargain Facility.
Further details will be communicated to the Shareholders at the relevant time,
but it is planned that the Matched Bargain Facility will be implemented as
soon as possible following the Cancellation and be maintained for a minimum of
12 months following the Cancellation. Shareholders should note that such
Matched Bargain Facility may not remain in place for an extended period of
time, if at all, following this initial 12 month period.
The above considerations are not exhaustive and Shareholders should seek their
own independent advice when assessing the likely impact of the Cancellation on
them, and their shareholding in the Company and whether or not to vote in
favour of the Cancellation.
Glossary
The following definitions apply throughout this document unless the context
otherwise requires:
"Act" the UK Companies Act 2006
"AIM" the market of that name operated by the London Stock Exchange
"AIM Rules" the AIM Rules for Companies published by the London Stock Exchange from time
to time
"Board" the board of directors of the Company
"Cancellation" The cancellation of the Admission of the Company's shares to trading on AIM
"Cancellation Resolution" means resolution 2 set out in the Notice of General Meeting
"Certificated form" or "in certificated form" an Ordinary Share recorded on a company's share register as being held in
certificated form (namely, not in CREST)
"Company" or "Synergia Energy" Synergia Energy Limited, a company incorporated and registered in Australia
with registered number ACN 078 652 632
"CREST" the relevant system (as defined in the CREST Regulations) in respect of which
Euroclear is the operator (as defined in those regulations)
"CREST Regulations" the Uncertificated Securities Regulations 2001 (S.I. 2001 No. 3755)
"Directors" or "Board" the directors of the Company
"Euroclear" Euroclear UK & Ireland Limited, the operator of CREST
"FCA" the UK Financial Conduct Authority
"Form of Proxy" the form of proxy for use in connection with the General Meeting, which
accompanies this document
"FSMA" the Financial Services and Markets Act 2000 (as amended)
"General Meeting" or "GM" the general meeting of the Company to be held at the Vigo Consulting, 78-79
New Bond Street, London, W1S 1RZ, United Kingdom, at 10am (GMT) on 29 December
2025, notice of which is set out at the start of this document
"Letter" The letter from the Chairman of the Company dated 1 December 2025 that
accompanies this document
"London Stock Exchange" London Stock Exchange plc
"Notice of General Meeting" the notice convening the General Meeting which is set out at the end of this
document
"Ordinary Shares" the ordinary shares in the capital of the Company
"Resolutions" the resolutions set out in the Notice of General Meeting
"RIM" Republic Investment Management Pte. Ltd.
"Shareholders" holders of Ordinary Shares
"Sale and Purchase Agreement" the share sale and purchase agreement dated 28 November 2025 between the
Company and Selan Antelopus Energy Limited
"SP Angel" SP Angel Corporate Finance LLP
"Transaction" the sale of the Company's 50% working interest in the Cambay PSC, onshore
India, to Selan Exploration Limited
"UK" the United Kingdom of Great Britain and Northern Ireland
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 MSCFFLFBELLFFBL
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Synergia Energy
See all newsREG - Synergia Energy Ltd - Cambay PSC Sale FAQs / Cambay PSC Update
AnnouncementREG - Synergia Energy Ltd - Proposed Sale, cancellation of admission, & GM
AnnouncementREG - Synergia Energy Ltd - Results of Annual General Meeting
AnnouncementREG - Synergia Energy Ltd - Cambay PSC SPA Signature / Cambay PSC Update
AnnouncementREG - Synergia Energy Ltd - Cambay PSC Update
Announcement