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Synergia Energy Ltd shares rose on Monday, after it said it has agreed an ‘ambitious’ work programme connected to the Cambay PSC farm-out. The India and UK-focused gas production and carbon capture and storage project development company currently owns a 100% working interest in the Cambay field in Gujarat state. Its shares were up 8.6% to 0.098 pence each in London on Monday morning. In December, Synergia Energy said it had agreed a head-of-terms deal for its farm-out agreement in the Cambay field. The joint venture between Synergia and an unnamed Indian operating company acting as farminee will facilitate the full development of the field. The farm-in partner was granted 90 days in which to finalise the farm-out and joint operating agreements. On Monday, Synergia said it held meetings in India last week with the potential joint venture partner. The primary objective was to agree a work programme that will form an integral part of the farm out agreement, it noted. Synergia said that it agreed an ‘ambitious work programme’ with the farm-in partner. ‘Progress has also been made on the farm out agreement and joint operating agreement and the company and the farminee are aiming to execute these agreements before the end of January 2024,’ it added. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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