Synergia Energy Ltd (鈥淪ynergia鈥� or the 鈥淐ompany鈥�) provides the following update regarding the Company鈥檚 Cambay PSC joint venture and its carbon capture and storage (鈥淐CS鈥�) projects in the UK and India.
Cambay PSC
During the recent Technical Committee Meeting held by Synergia鈥檚 JV partner, Selan Exploration Technology Limited (鈥淪elan鈥�), the planned work program associated with the Company鈥檚 Cambay Field Production Sharing Contract ("Cambay PSC") in Gujarat State, India, and the sequence of workover operations for the candidate wells was finalised, subject to further individual well analysis:
C-70 Completion Operation: Perforate MBS formation
C-63 Completion Operation:Wellbore cleanout; re-perforate; install artificial lift pump
C-64 Completion Operation: Install artificial lift pump
C-73 Completion Operation: Wellbore cleanout; install artificial lift pump
C-20 Completion Operation: Install artificial lift pump
C-74 Completion Operation: Wellbore cleanout; install artificial lift pump
C-77H Completion Operation: Well data acquisition; finalize future workover program
Selan plan to conduct workover operations on a minimum 3 wells and potentially up to 6 wells on the Cambay PSC.
The workover sequence, starting with C-70, will commence after the wells have been subjected to individual pressure gradient surveys during October / November 2024. All the contracts required for the workover operations are progressing as per the timeline. The Company believes the workover program will result in material incremental production and cashflow from the Cambay PSC and a better understanding of well behaviour ahead of the drilling of three new wells which is currently planned to commence Q2 2025. Synergia will be carried by Selan through the agreed US$20 million work program.
Medway Hub Camelot CCS project
Synergia is the nominated operator of UK carbon storage license CS019 Camelot which is now a 50:50 joint venture with Harbour Energy. Synergia and its joint venture partner have been assiduously working through the NSTA work program which is currently in the site characterisation phase. Following the re-processing of the 3D seismic data set, the seismic interpretation is being finalised but initial results show a marked uplift in seismic data clarity and definition. In parallel, a number of other work streams are currently underway including geochemical and geomechanical studies, legacy well integrity analyses, petrophysical analysis and static and dynamic reservoir modelling.
The Company is encouraged by the recent announcement of the 拢22 billion investment plan to support CCS projects on Teesside and Merseyside by the UK Government. However, the Company鈥檚 Medway Hub Camelot CCS project is being planned as a merchant scheme and is not predicated by future UK Government funding.
Cambay CCS Scheme
During July 2024, Synergia discussed its Cambay-based CCS scheme with the Directorate General of Hydrocarbons (鈥淒GH鈥�) principals resulting in an agreement to develop and propose a proof of concept pilot project on the Cambay PSC. A recent meeting involving Synergia, DGH and Mumbai Institute of Technology personnel was held to progress the pilot project which the Company hopes will attract Government of India funding support.