RNS Announcement

1 February 2023

AIM: SYN

Synergia Energy Ltd (the "Company" or "Synergia") is pleased to provide the following update concerning the Cambay C-77H well.

The C-77H well has been on continuous plateau gas production since the re-installation of the production tubing on September 22^nd 2022. The production has ranged between 150,000 SCFD and 275,000 SCFD depending on the level of fluid loading in the wellbore. The well is currently producing c. 200,000 SCFD. The production is being inhibited by the c. 1500m column of gas condensate in the wellbore.

Having eliminated several artificial lift solutions to remove the condensate, including electrical submersible pumps which were considered to be prohibitively expensive and sucker rod pumps which are intolerant to even small gas levels, the Company elected to adopt a progressive cavity pump ("PCP") solution.

We have been working with the preferred PCP supplier, PCM, to identify an artificial lift solution for the C-77H well which can be applied to future new wells in a full field development programme.

The Cambay condensate has a high aromatic content which is not compatible with the standard nitrile rubber stators incorporated in conventional PCP pumps. PCM have a range of elastomer options for the stator lining, including FKM 204 (also known as Viton) which has been proven to be tolerant to an aromatic content of up to 10%. Further testing is required to ascertain whether Viton-lined stators will tolerate the Cambay condensate aromatic content of 40%.

As an alternative, the Company is evaluating the use of PCM's all metal PCP which eliminates the aromatics issue but at a significantly higher cost and longer lead time.

Since the PCP specification selection has long-term full field development implications, the Company will continue its evaluation studies in order to make an informed decision prior to finalising purchase orders. Further updates will be provided as and when appropriate.

For and on behalf of Synergia Energy Limited

Roland Wessel

CEO

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