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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