Synergia Energy Ltd Cambay India Update (8628A)
September 27 2022 - 7:17AM
UK Regulatory
TIDMSYN
RNS Number : 8628A
Synergia Energy Ltd
27 September 2022
ASX-RNS Announcement
27 September 2022
ASX: SYN / AIM: SYN
Cambay India Update
Synergia Energy Ltd (the "Company" or "Synergia") is pleased to
announce the following update with respect to its Cambay India
operations.
Cambay India - C-77H workover
The re-installation of the production tubing was completed on
September 22(nd) and the well placed back on flow in order to clean
out the fluids in the well bore and residual frac fluids. Between
September 23(rd) and 26(th) , significant volumes of fluid were
recovered and the well placed back on production through the C-73
production facility. As of September 27, production settings have
been optimised, and the well is producing at a steady rate of
150,000 scfd from the two reperforated zones and being placed on
extended test.
Following the workover and detailed analysis of frac and
reservoir performance, it is believed that new wells incorporating
12-24 perforated zones will achieve greater than 4 mmscfd
production rates which will provide robust field development
economics, strengthening the Company's ability to secure a partner
for full field development. The target Eocene gas reservoir has
significant lateral extent and vertical thickness (up to 90m),
features that lend the Eocene to a multi-horizontal well
development program. The field development program calls for a
series of horizontal wells to be drilled and fracked from multiple
common drilling pads which will facilitate the tie-in to a common
production, processing and export facility located on the C-73
drilling site.
Cambay Farm out
As previously announced, supported by the workover results of
C-77H, Synergia plan to farm out up to 50% of the Cambay PSC and
have selected their advisors for this process who have extensive
knowledge of the Indian oil and gas industry as well as a global
reach and excellent success-based track record. The farm-out
process is anticipated to take several months in order to identify
a JV partner to assist in the full field development and
monetisation of the c. 1 TCF of gas resources on the Cambay
field.
For and on behalf of Synergia Energy Ltd
Roland Wessel
CEO
For further information, please contact:
Investor Enquires AIM Broker AIM Nominated Media Enquires
Synergia Energy Novum Securities Adviser (UK)
Ltd B roker Strand Hanson Vigo Consulting
Roland Wessel Colin Rowbury Limited Investor Relations
CEO Email: Nominated Adviser Patrick d'Ancona
Email: crowbury@novumsecurities.com Ritchie Balmer/Rory / Finlay Thomson
synergiaenergy@synergiaenergy. Tel: +44 20 Murphy Email:
com 7399 9427 Tel: +44 20 7409 patrick.dancona@vigoconsultin
Tel: +61 8 9485 UK 3494 g.com
3200 UK finlay.thomson@vigoconsulting
Australia .com
Tel:+ 44 20 7390
0230 UK
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END
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