Panmure Liberum analyst Ashley Kelty said he remains confident that Synergia will secure a new partner for Medway Hub Camelot.
“While this is disappointing for Synergia, it is not a huge surprise as three CCS projects would stretch Harbour’s technical abilities, and Camelot was always going to be left out,” Kelty said.
He added the withdrawal “is no reflection on the quality of the project” as Harbour “could not admit their other projects may be of lesser quality than Camelot given their historic investment in Acorn and Viking”.
“With the importance of CCS for the UK to meet its net zero target, we remain confident that Synergia will secure a new partner to develop this material project,” he said.
Strong Growth ahead from a rich asset portfolioo Cambay Field• Potential revival of sick wells in the coming Quarter, with a focus on data collection and potential opportunisticproduction increase• Comprehensive understanding on the technical data, prior to commencement of a new drilling campaign
#SYN As joint operator, Synergia is fully involved in the Cambay PSC work program. A TCM is planned next week to discuss the technical details of the workover program.
#SYN Synergia will hold an initial JOA meeting with its new UK CCS partner, Harbour Energy this week. Looking forward to a successful partnership with one of Europe’s largest CCS developers