Announcement • Dec 01
Synergia Energy Ltd Announces Update with Respect to Its Cambay India Field Synergia Energy Ltd. announced the following update with respect to its Cambay India field. 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 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 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 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 First Quarter 2023. Announcement • Nov 21
Synergia Energy Ltd Announces Cambay C-77H Update Synergia Energy Ltd. announced the following update with respect to its Cambay India operations. The C-77H well continues to produce on a consistent plateau with gas rates between 255 and 275 MCFD. Gas production is being sold at the Government of India regulated price of $8.57/MCF. In addition to the C-77H gas condensate, oil production from the C-19z, C-20, C-63 and C-72 wells has re-commenced. Although the newly re-opened oil wells are experiencing "flush production" (the higher rate normally experienced when wells are brought back online), currently an aggregate of c. 50 bopd (including condensate) is being produced. The oil is being sold at Bonny Light average pricing. In October 2022, 893 bbls of oil were sold at $78.8/bbl. Announcement • Nov 19
Synergia Energy Announces Formal Request for Removal from ASX Official List Synergia Energy Ltd. has submitted a formal application for its removal from the Official List of the Australian Securities Exchange ("ASX") pursuant to ASX Listing Rule 17.11. This would mean that the Company's shares would no longer be quoted on the ASX and would instead solely be quoted on London's AIM market. The Company has sought, and received, in-principle advice from ASX that it will agree to the request for removal upon the satisfaction of certain conditions, which the Company has satisfied or intends to satisfy prior to its removal. The proposed timeline for satisfying the conditions set out above is as follows: Trading Halt Formal delisting request and draft ASX announcement provided to ASX is November 17, 2022. Removal of the Company from Official List will be on December 30, 2022. The reasons for seeking removal from the Official List are as follows: (a) Primary Listing is not in Australia: the Company considers its primary listing to have moved from the ASX to AIM resulting from the fact that a majority of its shares are now traded in the UK; (b) Low liquidity: the low trading volume and liquidity of the Company's shares on the Official List is such that any significant trading leads to increased daily volatility on the Official List. This volatility may prevent investors from making an accurate assessment of the actual value of the Company; (c) Limited operations in Australia: the Company does not currently have any tangible nexus with Australia from an operational perspective, which undermines the basis for retaining a listing on ASX. Further, it has divested the entirety of its Australian assets in the Cooper Eromanga Basin to Armour Energy Ltd. Finally, we note that the Company's intention is for its senior management team to be based in the UK and as result no operational capabilities will remain within Australia; (d) Lack of Funding in Australia: for the past several years the Company has not been successful in raising funding from Australian based shareholders. In fact, without the support of its UK shareholder base the Company would not have been able to continue trading; (e) Company's Board of Directors has taken steps to transfer Management to the UK: the Company's Chief Executive Officer and Chief Financial Officer are currently located in the UK. Consequently, of the Company's five directors, only two reside in Australia with only one of them having any operational focus; (f) Additional costs: The continued listing of the Company on ASX requires the Company to incur considerable corporate and administrative costs, including listing fees. The costs and administrative burden of remaining listed on ASX outweigh any benefits of a continued listing. The Board considers that the costs associated with maintaining an ASX listing are no longer justified, nor are the higher level of compliance costs in the best interests of all shareholders of the Company. Additionally, there are indirect costs associated with the need to devote time to managing the Company's listing and compliance obligations, which could be directed elsewhere if the Company was removed from the Official List of ASX; and (g) The Company's Strategic Objectives: in addition to developing the Company's existing assets in India, the Company's strategy is to acquire additional gas assets in the Southern North Sea with the focus on carbon capture and sequestration. The Board considers that raising capital for this strategic move will be better achieved from the UK market. 
