Business
Closing of the Selan Farm Out Agreement
Closing of the Selan Farm Out Agreement.
About this update from Synergia Energy Ltd
[{"type":"text","content":"\n\n\nRNS Announcement\n \n1 August 2024\n \nAIM: SYN\n\nClosing of the Selan Farm Out Agreement\n\n \nFurther 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, and further to the announcement of 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, Synergia Energy Ltd (\"Synergia\" or the \"Company\") announces the closing of the Selan farm-out agreement effective today.\nThe closing of the farm-out agreement initiates the 18-month work programme period whereby Synergia will be carried by Selan through an agreed US$20 million work programme starting with the workovers of three legacy wells followed by the drilling of two new vertical wells and one new horizontal well. In addition, the US$2.5 million upfront payment has been made to Synergia and Synergia's Cambay operating personnel have been transferred to Selan who are acting as Lead Joint Operator for the work programme.\nThe Company plans to provide the market with regular updates concerning the progress made on the work programme which is expected to commence shortly.\n\nThis 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.\n \nFor and on behalf of Synergia Energy Limited\n \nRoland Wessel\nCEO\nFor further information, please contact:\n \n\n\n\n\nInvestor Enquires\nSynergia Energy Ltd\nBriana Stayt\nInvestor Relations\nEmail: \[email protected]\nTel: +61 8 9485 3200\nAustralia\n\n\nAIM Joint Broker\nPanmure Liberum Ltd\nBroker\nMark Murphy / Rauf Munir / Freddie Wooding\nTel: +44 (0)20 7886 2500\nUK\n\n\nAIM Joint Broker\nNovum Securities\nBroker\nColin Rowbury\nEmail: \[email protected]\nTel: +44 20 7399 9427\nUK\n\n\nAIM Nominated Adviser\nStrand Hanson Limited\nNominated Adviser\nRitchie Balmer / Rory Murphy\nTel: +44 20 7409 3494\nUK\n\n\nMedia Enquires (UK)\nVigo Consulting\nInvestor Relations\nPatrick d'Ancona / ...