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On 7 May 2024, Synergia Energy Limited provided an update regarding the pending Government of India (GOI) approval for the transfer of a 50% interest in its Cambay Field Production Sharing Contract to Selan Exploration Technology Limited. Dialogue with GOI regulators (DGH and MOPNG) to expedite this transfer has been underway since early March 2024. Synergia stated it believes all necessary formalities have been processed for the GOI approval to be issued, pending Ministerial sign-off.
| Date | 7 May 2024 |
| Time | 07:00:12 |
| Category | Corporate updates |
| ID | 2577N |
RNS Announcement
7 May 2024
AIM: SYN
Update on Government of India Approval for Working Interest Transfer
Further to its announcement on 14 February 2024, Synergia Energy Limited ("Synergia" or the "Company") provides the following update regarding the pending approval by the Government of India ("GOI") for the transfer of a 50% interest in the Company's Cambay Field Production Sharing Contract ("Cambay PSC") to Selan Exploration Technology Limited ("Selan").
Extensive dialogue between Synergia and the two GOI regulators, the Directorate General of Hydrocarbons ("DGH") and the Ministry of Petroleum and Natural Gas ("MOPNG"), has been underway since early March 2024 to expedite the transfer of the 50% interest in the Cambay PSC to Selan.
At this time, Synergia believes all the necessary formalities have now been processed for the GOI approval to be issued once Ministerial sign-off has occurred.
For and on behalf of Synergia Energy Limited
Roland Wessel
CEO
For further information, please contact:
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Investor Enquires Synergia Energy Ltd Briana Stayt Investor Relations Email: Tel: +61 8 9485 3200 Australia |
AIM Joint Broker Panmure Gordon (UK) Ltd Broker Mark Murphy / Hugh Rich / Freddie Wooding Tel: +44 (0)20 7886 2500 UK |
AIM Joint Broker Novum Securities Broker Colin Rowbury Email: Tel: +44 20 7399 9427 UK |
AIM Nominated Adviser Strand Hanson Limited Nominated Adviser Ritchie Balmer / Rory Murphy Tel: +44 20 7409 3494 UK |
Media Enquires (UK) Vigo Consulting Investor Relations Patrick d'Ancona / Finlay Thomson Email: Tel:+ 44 20 7390 0230 UK |