Synergia Energy Ltd Cambay Farm Out and CCS Update (9996Q)
27 Februar 2023 - 8:00AM
UK Regulatory
TIDMSYN
RNS Number : 9996Q
Synergia Energy Ltd
27 February 2023
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 AIM Broker AIM Nominated Media Enquires
Synergia Energy Novum Securities Adviser (UK)
Ltd B roker Strand Hanson Vigo Consulting
Briana Stayt Colin Rowbury Limited Investor Relations
Investor Relations Email: Nominated Adviser Patrick d'Ancona
Email: crowbury@novumsecurities.com Ritchie Balmer/Rory / Finlay Thomson
bstayt@synergiaenergy.com Tel: +44 20 Murphy Email:
Tel: +61 8 9485 7399 9427 Tel: +44 20 7409 patrick.dancona@vigoconsultin
3200 UK 3494 g.com
Australia UK finlay.thomson@vigoconsulting
.com
Tel:+ 44 20 7390
0230 UK
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END
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