Last checked at 27 Feb 2023 07:00
RNS Announcement
27 February 2023
AIM: SYN
Cambay Farm Out and CCS Update
Synergia Energy Ltd (the "Company" or "Synergia") is pleased to provide the following update concerning the Cambay field.
Roland Wessel, Synergia's CEO, visited several companies in Delhi and Ahmedabad concerning the Cambay field farm out process. These companies are finalising their due diligence and detailed technical and commercial discussions are ongoing. Synergia is optimistic that a farm out arrangement will be achieved, enabling the commencement of the full field development in 2023. To this end, preparations have been initiated to procure the required services and equipment to drill the initial two new horizontal wells in the Cambay Eocene gas reservoir, including a field inspection of a modern drilling rig suited to the Company's requirements.
Work also continues on an artificial lift solution for the C-77H well. In addition to the progressive cavity pump ("PCP") solution, the Company is evaluating a cheaper and more readily available jet pump system. The jet pump solution is also being evaluated for installation on the C-19z well to boost oil production.
The conceptual Cambay CCS Scheme has generated considerable interest and support. Meetings were conducted with the Directorate of Hydrocarbons ("DGH") and the Government of Gujarat Climate Change Department. In addition, meetings were held with senior representatives from Torrent Power and Gujarat State Electricity Corporation Limited ("GESCL"), two of the largest power station operators in the Cambay vicinity.
The Company will be assisting the DGH in the development of a regulatory framework which may initially result in the amendment of the Cambay PSC to incorporate CCS activities.
The Cambay CCS Scheme represents India's first end to end CCS scheme but will require both funding and the development of both a regulatory framework and incentives for the emitting companies to implement CCS. Synergia aim to play an integral part in these developments.
For and on behalf of Synergia Energy Limited
Roland Wessel
CEO
For further information, please contact:
Investor Enquires Synergia Energy Ltd Briana Stayt Investor Relations Email: bstayt@synergiaenergy.com Tel: +61 8 9485 3200 Australia | AIM Broker Novum Securities Broker Colin Rowbury Email: crowbury@novumsecurities.com Tel: +44 20 7399 9427 UK | AIM Nominated Adviser Strand Hanson Limited Nominated Adviser Ritchie Balmer/Rory Murphy Tel: +44 20 7409 3494 UK | Media Enquires (UK) Vigo Consulting Investor Relations Patrick d'Ancona / Finlay Thomson Email: patrick.dancona@vigoconsulting.com finlay.thomson@vigoconsulting.com Tel:+ 44 20 7390 0230 UK |