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Share Price: 0.1075
Bid: 0.105
Ask: 0.11
Change: 0.00 (0.00%)
Spread: 0.005 (4.762%)
Open: 0.1075
High: 0.1075
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Synergia reports progress on Cambay farm-out process

Wed, 31st Jan 2024 16:13

(Sharecast News) - Synergia Energy updated the market on the progress of the Cambay PSC farm-out process on Wednesday, reporting that it was currently engaged in meetings in India with a prospective partner.

The AIM-traded firm said the discussions were primarily focussed on finalising the farm-out agreement and the joint operating agreement.

Both Synergia and the farminee were working towards the goal of executing the agreements in early February.

At 1554 GMT, shares in Synergia Energy were up 6.5% at 0.11p.

Reporting by Josh White for Sharecast.com.

More News
12 Jun 2024 19:06

IN BRIEF: Synergia Energy secures more funding from Indian government

Synergia Energy Ltd - West Perth, Australia-based oil and gas company - Agrees to a further short-term loan with Indian Government while it awaits the sale of 50% of its Cambay production sharing contract to Selan Exploration Technology Ltd. Synergia will receive USD2.5 million from Selan pending expected government approval. Also obtains further funding of GBP400,000 from investors in order to minimise equity dilution. Loan funding to be repaid following Cambay sale.

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28 May 2024 20:20

IN BRIEF: Synergia starts farm out process of UK carbon storage centre

Synergia Energy Ltd - Oil and Gas exploration company headquartered in West Perth - Announces on Tuesday that it has begun a farm out process of its interest at the UK Medway Hub Camelot CCS project. Synergia and partner Wintershall Dea AG each own 50% of the Camelot carbon storage centre in the Southern North Sea. The centre is projected to store between 70 and 100 million tonnes of CO2. Synergia is offering up to 50% of its stake to interested parties.

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8 May 2024 21:42

TRADING UPDATES: Home REIT cuts borrowings, Genflow shares restored

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Tuesday and Wednesday, and not separately reported by Alliance News:

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2 Apr 2024 15:19

TRADING UPDATES: MaxCyte inks deal with Be Bio; Orcadian firms farmout

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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14 Mar 2024 17:25

EARNINGS AND TRADING: Versarien inks agreement for Brazilian JV

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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11 Mar 2024 14:15

IN BRIEF: Synergia converts loan notes; confirms no equity finance

Synergia Energy Ltd - India and UK-focused gas production and carbon capture and storage project development company - Provides an update on March 9 maturity date of 6,500 convertible loan notes issued a year ago. The company says that this week it will repay in cash GBP386,451 including interest in respect of 5,430 notes and has agreed to repay GBP188,688 in cash including interest on or around September 30 in respect of 1,750 notes. It says that in total it will issue 140.5 million new shares for the conversion of the CLN. As announced in February, Synergia has a farm-out agreement with Selan Exploration Technology Ltd to transfer 50% of the Cambay PSC to Selan and awaits Government of India approval for the transfer, which will trigger the payment of USD2.5 million to the company.

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14 Feb 2024 19:56

IN BRIEF: Synergia Energy agrees farm-out deal for Cambay Field

Synergia Energy Ltd - India and UK-focused gas production and carbon capture and storage project development company - Announces the successful conclusion of negotiations with Selan Exploration Technology Ltd and execution of a farm-out agreement regarding the Cambay Field production sharing contract. Agrees to farm out 50% of the 100% interest held by Synergia in the Cambay PSC to Selan. In exchange for the 50% interest, Synergia will be carried by Selan through an agreed USD20 million work programme comprising three new wells focussed on the Eocene reservoir and three well work-overs. Synergia receives a cash payment of USD2.5 million immediately, proposes to apply the proceeds towards working capital purposes. Synergia retains a 50% interest in the Cambay PSC and a 50% share of the future production and revenues. This includes bonuses of up to USD9 million, linked to future cumulative gas sales thresholds.

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8 Feb 2024 16:04

UK shareholder meetings calendar - next 7 days

Friday 9 February 
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Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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31 Jan 2024 18:15

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(Alliance News) - The following is a round-up of trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

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22 Jan 2024 10:38

Synergia Energy shares up on "ambitious" work programme with partner

(Alliance News) - Synergia Energy Ltd shares rose on Monday, after it said it has agreed an "ambitious" work programme connected to the Cambay PSC farm-out.

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18 Dec 2023 10:35

Synergia pens head of terms deal for Cambay field farm-out project

(Alliance News) - Synergia Energy Ltd Monday said it had agreed a head-of-terms deal for its farm-out agreement in the Cambay Field.

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5 Dec 2023 13:01

Synergia raises GBP1 million as sizes up Cambay farm-out agreement

(Alliance News) - Synergia Energy Ltd on Tuesday said it has arranged a GBP1.1 million equity raise and added that it reached a deal "in principle" for a farm-out at the Cambay field.

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8 Nov 2023 15:46

UK shareholder meetings calendar - next 7 days

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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3 Nov 2023 14:04

Synergia reports progress on Cambay well lift operations

(Sharecast News) - Synergia Energy updated the market on the progress of its artificial lift operations at the Cambay C-77H well on Friday.

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