Synergia Energy Ltd has confirmed the outcome of its General Meeting, with mixed results shaping the company’s next phase.
Shareholders approved Resolution One, enabling Synergia to proceed with the Sale and Purchase Agreement to transfer its 50% working interest in the Cambay PSC to Selan. Completion remains subject to Indian government approval and Selan putting a bank guarantee in place.
However, Resolution Two was not passed, meaning the company will remain listed on AIM. As a result, Synergia will pivot its strategy away from a market exit and instead focus on a streamlined set of priorities.
These include:
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Progressing the UK Medway Hub Camelot CCS project, including the search for a new joint venture partner
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Managing the return of capital to shareholders, including through a share buy-back
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Completing its exit from the Cambay PSC
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Advancing the Cambay Basin CCS Scheme
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Identifying new oil and gas development opportunities
The outcome keeps Synergia on AIM and positions it as a more focused energy transition and CCS-led business, while still retaining optionality around selective upstream opportunities.
