TIDMSYN

RNS Number : 3391S

Synergia Energy Ltd

09 March 2023

RNS Announcement

9 March 2023

AIM: SYN

Cambay C-77H Artificial Lift Update

Synergia Energy Ltd (the "Company" or "Synergia") is pleased to provide the following update concerning the Cambay C-77H well.

Extensive evaluation of the artificial lift options for the C-77H well and future Cambay new wells has resulted in the Company electing to adopt a jet pump solution for the C-77H well. This is due to a combination of technical, cost and availability drivers.

The jet pump solution has the advantage of being immune to elastomer degradation caused by the high aromatic content of the Cambay Eocene condensate, as jet pumps contain no elastomers. The jet pump solution is also more cost effective, particularly for a full field development where jet pumps in multiple wells can be driven by a single common surface pump. In addition, jet pump availability is significantly better than PCP pumps at present, which have delivery times of up to 8 months. The Company aims to have the jet pump solution for the C-77H well operational in the next 90 days.

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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March 09, 2023 02:00 ET (07:00 GMT)

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