Business
Annual Report 2023
Annual Report 2023.
About this update from Synergia Energy Ltd
[{"type":"text","content":"\n\nFor a printer-friendly copy of this announcement, please click the link below.\n \nhttp://www.rns-pdf.londonstockexchange.com/rns/1939N_1-2023-9-21.pdf\n \n \n\n \n \n \nSYNERGIA ENERGY LTD\nABN 50 078 652 632\n \nANNUAL REPORT\n \n2023\n\n\n \n \n\nCHAIRMAN'S REVIEW\n\n \nDear Shareholder,\nThe past year has seen many positive events in your company including significant progress in existing core projects, the addition of a very substantial new opportunity, enhancement of the Company's corporate position and resolution of all legacy and long-standing issues. The Company's primary focus is on carbon reduction and contribution to the energy transition that is currently under way globally. Our strategy has two fundamental components, the production of gas as a key transition energy source and carbon capture and sequestration (\"CCS\").\nIn India, important steps leading to the development of the known large gas resource at the Cambay Field are underway, including a farmout / funding plan which is well advanced. In addition, the Company has developed early-stage plans for a CCS scheme in India. In the UK, the Company has been awarded a CCS licence in the Southern North Sea as the result of competitive bidding in an initiative set up by the UK government.\nThe ability to undertake these projects is underscored by the extensive experience of the management team in the design, construction and operation of UK-based gas production and storage projects. It is further demonstrated by the partnership with Wintershall Dea in the UK CCS licence. Wintershall Dea is among the leading CCS players in the North Sea with four licences in three North Sea countries.\nOn the corporate side, the Company has delisted from the ASX and is now solely traded on the London AIM market. This brings into alignment the location of our assets and the location of the executive management team. The Company remains an Australian corporation subject to ASIC regulations. Indian operations are managed by an expert team of Indian nationals located in Gujarat, close to the Cambay project. The Company has appointed a new UK-based broker, Panmure Gordon, to assist the Company with achieving its short- and medium-term corporate objectives in reaching out to institutional investors to support the developing project...