Synergia Energy Ltd GOI Approval for Working Interest Transfer
July 22 2024 - 1:00AM
RNS Regulatory News
RNS Number : 2499X
Synergia Energy Ltd
22 July 2024
RNS
Announcement
22 July 2024
AIM: SYN
Government of India Approval for Working
Interest Transfer
Further to its announcement of the execution of
a farm-out agreement with Selan Exploration Technology Limited
("Selan") regarding the
Company's Cambay Field Production Sharing Contract ("Cambay PSC") on 14 February 2024,
Synergia Energy Ltd ("Synergia" or the "Company") is pleased to announce the
approval by the Government of India ("GOI") for the transfer of a 50%
interest in the Cambay PSC to Selan effective 19 July
2024.
The GOI approval completes the farm-out to Selan and unlocks the
path to a full field development of the Cambay PSC with a
sophisticated and experienced operator-partner. In addition to the
US$2.5 million upfront payment due from Selan, Synergia will be
carried by Selan through an agreed US$20 million work programme
("WP") comprising 3 new
wells focussed on the Eocene reservoir and at least 3 well
work-overs. The WP will commence as soon as practicable and
announcements concerning the commencement of WP operations will be
made in the near future.
Synergia Energy CEO, Mr Roland Wessel,
said:
"The Farm Out Agreement with Selan marks a
pivotal moment for Synergia and its long history with the Cambay
PSC. We look forward to an early commencement of work-over and
drilling operations to realise the value of the significant Cambay
PSC reserves."
This
announcement contains inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms
part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with
the Company's obligations under Article 17 of
MAR.
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
Joint Broker
Panmure Gordon (UK) Ltd
Broker
Mark Murphy / Hugh Rich / Freddie
Wooding
Tel: +44 (0)20 7886 2500
UK
|
AIM
Joint 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
|
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