Synergia Energy Ltd (AIM:SYN) Cambay PSC Update

Synergia Energy Ltd (the “Company” or “Synergia”) is pleased to announce the following update with respect to its Cambay India field.

Production

Gas production from the C-77H well continued to produce on a consistent plateau with an average gas rate of 270 MCFD for the month of November. Oil production from the field (including C-77H condensate) averaged 23 BOPD for the month.

An order for artificial lift equipment for the C-77H well is being placed with PCM, a world leader in progressive cavity pump (PCP) equipment. Delivery times are currently being finalised.

Cambay Farm Out Process

The farm out process of up to 50% of the Cambay PSC is currently work in progress with discussions underway with both potential farmees and key stakeholders such as the Directorate of Hydrocarbons. The primary objective of the farm out process is to facilitate the early initiation of a full field development commencing with the drilling of two new wells (C-78H and C-79H) that have fully developed well plans. The timing of these two new wells will be subject to agreement with the successful farmee. It is anticipated that the farm out process will continue into Q1 2023.

For and on behalf of Synergia Energy Ltd

Roland Wessel

CEO

For further information, please contact:

Investor Enquiries

Synergia Energy Ltd

Briana Stayt

Investor Relations

Email: [email protected]

Tel: +61 8 9485 3200

Australia


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