Synergia Energy Ltd - Camelot CCS and Cambay PSC Update
RNS Announcement
AIM: SYN
Camelot CCS and Cambay PSC Update
Synergia Energy Limited (Synergia or the Company) announces the following update regarding its Camelot CCS project in the
Camelot CCS Project
Synergia has a 50% interest in the CS019 Camelot carbon storage licence in the
The CS019 licence contains 13 legacy wells. The detailed abandonment data for two wells (53/01-4 and 53/01-6) have not been able to be located and the NSTA is concerned that the Mobil composite logs produced in the 1970's cannot be corroborated. The wells were abandoned with an open hole section in the Leman Sandstone and Zechstein formations and after circa 50 years, Synergia is confident these hole sections will have collapsed. Consequently, the wells cannot be re-abandoned.
In view of the uncertainty of being able to obtain a storage permit for the Leman Sandstone storage reservoir together with commercial uncertainties, the Company has decided to apply to relinquish its CS019 licence, and anticipates its 50% joint venture partner in the licence, Harbour Energy, to also request a relinquishment of its licence.
Although the Company retains its interest in the CCS sector via its Cambay CCS project in
Cambay PSC production update
Following the Company's announcement on
Total production is currently circa 140 bopd and circa 50 MCF gas.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of
For and on behalf of Synergia Energy Limited
CEO
For further information, please contact:
|
Investor Enquiries Synergia Energy Ltd Investor Relations Email: Tel: +61 8 9485 3200 |
Nominated Advisor and Joint Broker SP Angel Corporate Finance LLP
Tel: +44 (0)20 3470 0470 |
Joint Broker AlbR Capital Limited Email: Tel: +44 20 7469 0930 |
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Proactive Investors is a publisher of financial news and information. No content in this record, or published on the Proactive Investors website (the "Site"), constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. No content is tailored to any specific person's needs, objectives, or financial situation.
Proactive Investors is not a registered investment adviser or broker-dealer and does not provide personalized investment advice. Nothing in this record constitutes investment advice or a recommendation to buy, hold, or sell any security. None of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value, or suitability of any particular security, portfolio, transaction, or investment strategy. Any decision to buy, sell, or hold a security should be made only after consulting an appropriately qualified, licensed financial adviser and reading all relevant offering documentation.
This record, and any record we publish by or on behalf of our clients, should not be construed as an offer or solicitation to buy or sell any product or security. Our content is independent financial journalism, produced in a neutral, objective style with full source attribution.
In accordance with the Federal Trade Commission's guidelines on material connections, Proactive Investors discloses the following: we may receive cash or, in some cases, equity compensation from companies whose news is distributed through our platform. This compensation is for news distribution and media services, not for editorial content or coverage decisions. Where Proactive Investors has a commercial relationship with a company covered in this record, that relationship is disclosed within the article. Any such relationship does not determine, influence, or shape the editorial content produced. Where we receive equity compensation, such securities are held independently by a third-party broker and sold at the broker's discretion.
The Site may contain opinions from time to time regarding securities mentioned in other products, including company-related products, and those opinions may differ from those obtained through another Proactive Investors product. Opinions and commentary reflect the views of the named author at the time of writing and are subject to change without notice.
Price and other data is supplied by sources believed to be reliable. Any calculations are made using such data. Neither the data nor the calculations are guaranteed by those sources, by Proactive Investors, by the information providers, or by any other person or entity, and may not be complete or accurate.
From time to time, reference may be made in our marketing materials to previously published articles or opinions. Such references may be selective, may reference only a portion of an article, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.
FOR OUR FULL DISCLAIMER CLICK HERE