RNS Announcement

24 February 2025

AIM: SYN

Synergia Energy Ltd ("Synergia Energy" or the "Company") announces an equity capital raising comprising of a placing and a subscription with existing and new institutional investors, and a director, for a total of £750,000 before expenses (the "Fundraising"), through the issue of 2,500,000,000 new fully paid ordinary shares ("Fundraising Shares"). The Fundraising involved the issue of 1,916,666,700 placing shares ("Placing Shares") and 583,333,300 subscription shares ("Subscription Shares") at GBP0.03 pence per share.

Net proceeds from the Fundraising will be used to bridge the Company's ongoing general, administrative and technical costs prior to an expected increase in revenues from its 50% working interest in the producing Cambay gas and condensate field in India where it is carried on a US$20m field development programme that is underway.

The Fundraising Shares will rank pari passu in all respects with the existing shares. An application will be made to the London Stock Exchange for the Fundraising Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective on or around 27 February 2025.

In connection with the Fundraising, the Company has also agreed to issue 115,000,002 unquoted warrants exercisable at GBP0.03 pence per share for a period of 5 years from Admission of the Placing Shares to AIM ("Broker Warrants").

Total Voting Rights

Following the issue of the Fundraising Shares, the Company's share capital and total voting rights will comprise of 15,571,741,779 ordinary shares. The Company does not hold any shares in treasury. Consequently, 15,571,741,779 is the figure which may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Director Participation

The following Director of the Company has subscribed for Subscription Shares:

Related Party Transaction

Republic Investment Management Pte Ltd ("Republic") participated in £150,000 of the Fundraising.  Republic has a current shareholding in the Company of 13.4% and is therefore categorised as a Substantial Shareholder of the Company pursuant to the AIM Rules for Companies ("AIM Rules"). Accordingly, Republic's participation in the placing is classified as a related party transaction pursuant to the AIM Rules.

The independent directors of the Company for the purposes of the Fundraise, being those other than Mr Wessel, having consulted with Strand Hanson Limited, the Company's Nominated Adviser, consider that the terms of Republic's participation are fair and reasonable insofar as the Company's shareholders are concerned.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For and on behalf of Synergia Energy Limited

Roland Wessel

CEO

For further information, please contact:

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