REG - Synergia Energy Ltd - Cambay PSC Sale Agreement Update

Synergia EnergyAnnouncement

09/02/2026 13:30

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RNS Number : 2872S  Synergia Energy Ltd  09 February 2026

RNS Announcement

 

09 February 2026

 

AIM: SYN

Cambay PSC Sale Agreement Update

 

Synergia Energy Limited ("Synergia" or the "Company"), announces the following
update regarding its Cambay PSC (WI: 50%), onshore India.

 

On 1 December 2025 Synergia and Antelopus Selan Energy Limited ("Selan")
signed a Sale and Purchase Agreement ("SPA") on terms previously announced,
with a total consideration of up to US$14 million payable in two tranches. The
SPA was conditional on Synergia shareholder approval and Selan establishing a
bank guarantee for the deferred payment tranche. Synergia shareholder approval
was gained at the 29 December 2025 Synergia AGM.

 

Selan has failed to provide the required bank guarantee for the deferred
tranche citing refusal by Selan's major shareholder, Oak Tree Capital, to
sanction completion of the SPA.

 

Under the Heads of Terms signed by both parties on 4 July 2025, Selan had
exclusivity until 8 February 2026. Synergia remains willing to complete the
SPA, however, since the conditions precedent for the SPA have not been
satisfied by Selan prior to 8 February 2026, Synergia intends to examine its
options. In the event that the SPA is not completed, Selan's non-refundable
payment of US $0.5 million made under the Heads of Terms will not be returned.

 

Roland Wessel, Synergia's CEO stated:

 

"After 9 months of protracted negotiations, Selan has not satisfied the
conditions precedent within the exclusivity period  to complete the
transaction. We believe in the inherent value of the Cambay PSC's 206 BCF of
proven P50 Eocene gas reserves. The parties remain bound by their obligations
under the previously executed Farm-In/Farm-Out Agreement including the agreed
work program and in particular the drilling of three new wells in the Eocene."

 

 

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 Enquires           Nominated Advisor and Joint Broker             Joint Broker

 Synergia Energy Ltd         SP Angel Corporate Finance LLP                 AlbR Capital Limited

 Briana Stayt                Stuart Gledhill / Richard Hail / Devik Mehta   Colin Rowbury

 Investor Relations                                                         Email:

 Email:                      Tel: +44 (0)20 3470 0470                       cr@albrcapital.com

 bstayt@synergiaenergy.com   UK                                             Tel: +44 20 7469 0930

 Tel: +61 8 9485 3200                                                       UK

 Australia

 

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