Synergia Energy Ltd Cambay Farm Out and C-77H Update (1378X)
18 Décembre 2023 - 9:05AM
UK Regulatory
TIDMSYN
RNS Number : 1378X
Synergia Energy Ltd
18 December 2023
RNS Announcement
18 December 2023
AIM: SYN
Cambay Farm Out and C-77H Update
Synergia Energy Limited ("Synergia" or the "Company"), is
pleased to announce the following update regarding the Cambay Farm
Out and the status of the Cambay C-77H well.
Re: Cambay Farm Out
Synergia and a respected Indian operating company (the
"Farminee") have executed a Heads of Terms to establish a joint
venture on the Company's Cambay field in which the Company
currently holds a 100% working interest, to facilitate the full
development of the Cambay field.
The Farminee has been granted exclusivity for 90 days during
which Synergia and the Farminee are to finalise the Farm-in /
Farm-out agreement and Joint Operating Agreement prior to
requesting Government of India ("GoI") approval for the transfer of
a 50% working interest to the Farminee.
In exchange for the transfer of a 50% working interest in the
Cambay PSC, the Farminee would carry Synergia for the full cost of
the agreed work programme which is to focus on the Eocene gas
reservoir and which is to be completed within 12 months from the
date of the GoI approval. The Cambay field would be under joint
operatorship by Synergia and the Farminee, with the Farminee acting
as lead operator. A lumpsum payment would be made by the Farminee
after GoI approval of the working interest transfer, in recognition
of past costs. It should be noted that completion may also be
subject to regulatory approvals (as applicable).
Re: Cambay C-77H well update
The jet pump installation on the C-77H well continues to work
reliably with production for the month of November averaging
142,000 SCFD and 5 BPD condensate. In addition, the well produced
an average of 15-20 BPD of water. After an initial reduction in
fluid column height, a recent echometer survey revealed an increase
of fluid column height from c. 200m to 300m. It is believed the
legacy fracked zones (1-4) are responsible for the water influx
with the gas and condensate production coming from the re-frac
zones 5 and 6. Mitigation alternatives are being studied, including
the re-installation of the bridge plug to isolate frac zones
1-4.
Synergia's Chief Executive Officer, Roland Wessel, said:
"We are confident of the synergy and alignment of objectives
with the Farminee company and look forward to the accelerated
development of the Cambay field which is the primary objective for
the joint venture."
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 AIM Joint Broker AIM Joint AIM Nominated Media Enquires
Enquires Panmure Gordon Broker Adviser (UK)
Synergia (UK) Ltd Novum Securities Strand Hanson Vigo Consulting
Energy Ltd Broker Broker Limited Investor Relations
Briana Stayt John Prior / Colin Rowbury Nominated Patrick d'Ancona
Investor Mark Murphy / Email: Adviser / Finlay Thomson
Relations Hugh Rich / Freddie crowbury@novumsecurities. Ritchie Balmer Email:
Email: Wooding com / Rory Murphy patrick.dancona@vigocon
bstayt@synergiaenergy. Tel: +44 (0)20 Tel: +44 20 Tel: +44 sulting.com
com 7886 2500 7399 9427 20 7409 3494 finlay.thomson@vigocons
Tel: +61 UK UK UK ulting.com
8 9485 3200 Tel:+ 44 20 7390
Australia 0230
UK
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