Synergia Energy Ltd Cambay Farm-Out and Funding Arrangements & TVR (6085V)
05 Dicembre 2023 - 8:00AM
UK Regulatory
TIDMSYN
RNS Number : 6085V
Synergia Energy Ltd
05 December 2023
RNS Announcement
5 December 2023
AIM: SYN
Cambay Farm Out and Funding Arrangements
Total Voting Rights
Synergia Energy Limited ("Synergia" or the "Company"), is
pleased to announce the following update regarding the Cambay Farm
Out and funding arrangements.
Re: Cambay Farm Out
Synergia have been in detailed discussions with a respected
Indian operating company (the "Farminee") with the aim of executing
a Letter of Intent to establish a farm-out agreement to facilitate
the full field development of the Company's Cambay field in which
the Company currently holds a 100% working interest.
Agreement has been reached in principle, subject to the
finalisation of the work programme, final definitive documentation,
regulatory approvals (as applicable) and Government of India
("GoI") approval, for the formation of a 50:50% joint venture on
the Cambay field. In exchange for the transfer of a 50% working
interest in the Cambay PSC, the Farminee is to carry Synergia for
the full cost of the agreed work programme, to be completed within
12 months from the date of the GoI approval. The Cambay field would
be under joint operatorship by Synergia and the Farminee, with the
Farminee acting as lead operator. It is anticipated that the
definitive documentation (the Farm-In / Farm-out and joint
operating agreements) will be executed within 3 months from the
signing of the Letter of Intent.
Re: Funding Arrangements
The Company has arranged an equity capital raising with clients
of Novum Securities Limited of GBP1.1 million before expenses,
through the issue of 1,375,000,000 new fully paid ordinary shares
(Placement Shares) at GBP0.08 pence per share (Placement). The
Placement will be completed on or around 18 December 2023.
In addition, subscribers to the Placement will be offered one
free attaching unquoted warrant for every one Placement Share
subscribed for, resulting in the issue of an aggregate of
1,375,000,000 unquoted warrants (Placement Warrants). The Placement
Warrants are exercisable at GBP 0.14 pence per share on or before
31 December 2026. The issue of the Placement Warrants is subject to
shareholder approval, and a general meeting of Synergia
shareholders is anticipated to be held in early February 2024.
The Placement is being conducted by Novum Securities Limited
(Novum) as lead broker to the capital raising. Accordingly, in
connection with the Placement, the Company has also agreed to issue
82,500,000 unquoted warrants to Novum, exercisable at GBP 0.14
pence on or before 31 December 2026 (Fee Warrants). The issue of
the Fee Warrants is subject to shareholder approval, and, as above,
a general meeting of Synergia shareholders is anticipated to be
held in early February 2024.
Funds raised from the Placement are intended to be applied to
the Company's working capital base.
The Placement Shares will rank pari passu in all respects with
the existing shares. Application will be made in due course to the
London Stock Exchange for the Placement Shares to be admitted to
trading on AIM on or around 18 December 2023 with a further
announcement at that time.
Total Voting Rights
Following the issue of all of the Placement Shares, the
Company's share capital and total voting rights will comprise
10,497,336,158 shares. The Company does not hold any shares in
treasury. Consequently, 10,497,336,158 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.
Synergia's Chief Executive Officer, Roland Wessel, said:
"The Cambay Farm Out agreement is an important milestone for the
Company and will provide a path to a self-funded full field
development and exploitation of the significant (205 BCF P50) gas
reserves on the Cambay license."
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:
Investor AIM Joint Broker AIM Joint AIM Nominated Media Enquires
Enquires Panmure Gordon Broker Adviser (UK)
Synergia (UK) Ltd Novum Securities Strand Hanson Vigo Consulting
Energy Ltd Broker Broker Limited Investor Relations
Briana Stayt John Prior / Colin Rowbury Nominated Patrick d'Ancona
Investor Mark Murphy / Email: Adviser / Finlay Thomson
Relations Hugh Rich / Freddie crowbury@novumsecurities. Ritchie Balmer Email:
Email: Wooding com / Rory Murphy patrick.dancona@vigocon
bstayt@synergiaenergy. Tel: +44 (0)20 Tel: +44 20 Tel: +44 sulting.com
com 7886 2500 7399 9427 20 7409 3494 finlay.thomson@vigocons
Tel: +61 UK UK UK ulting.com
8 9485 3200 Tel:+ 44 20 7390
Australia 0230
UK
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END
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