Synergia Energy Ltd Npv — Cambay PSC Update

Synergia targets late November 2026 to drill Cambay C-79 well with 50% interest.

What the company is saying

Synergia Energy Limited is updating investors on progress toward drilling the C-79 well in the Cambay PSC, India, where it holds a 50% working interest. The company and its joint venture partner, Antelopus Selan Energy Limited, have spent several months in technical discussions to finalise the well plan. The primary drilling target is the Eocene formation, located near the existing C-19z producer. Plans call for a vertical or deviated well with hydraulic fracking, using a DEEP Industries rig. The estimated spud date is late November 2026, indicating a specific operational timeline. CEO Roland Wessel is the named executive responsible for the announcement. The tone is factual, focusing on technical and scheduling details rather than financial projections or promotional language.

What the data suggests

The announcement confirms Synergia's 50% working interest in the Cambay PSC and details the technical plan for the C-79 well, including the use of hydraulic fracking in the Eocene reservoir. The well will be drilled close to the existing C-19z producer, suggesting an attempt to build on known productive zones. The joint venture partner, ASEL, will use a DEEP Industries rig, and the estimated spud date is late November 2026, which is about two months from the announcement date. No production, reserve, or financial figures are disclosed, and there is no guidance on expected output or economic impact. The disclosure is operationally specific but does not provide metrics for financial analysis or project economics. The update is transparent about next steps and partners but leaves the financial implications and success probabilities unaddressed.

Analysis

The announcement is a factual operational update regarding the planned drilling of the C-79 well in the Cambay PSC, India. The language is measured and technical, focusing on the agreement of the well target, drilling method, and estimated spud date (late November 2026), which is over two years away. While several claims are forward-looking (planned drilling, use of a specific rig, hydraulic fracking), these are presented as next steps rather than as promotional or exaggerated outcomes. No production, revenue, or profitability figures are disclosed, nor are there claims of imminent financial benefit. The capital intensity flag is set because drilling and fracking a new well is a significant capital undertaking, but the announcement does not overstate the benefits or timeline. There is no evidence of narrative inflation or overstatement; the tone is proportionate to the stage of progress.

Risk flags

• ●Operational risk is significant, as drilling a new well with hydraulic fracking in the Eocene reservoir may encounter technical or geological challenges that could delay or compromise results. The announcement does not address contingency plans or prior drilling success rates in this zone.
• ●Timeline risk exists because the estimated spud date is only weeks away, leaving little margin for delays in rig mobilisation, permitting, or partner alignment. Any slippage could push the project into 2027, impacting near-term expectations.
• ●Financial disclosure risk is present, as the update provides no information on expected capital expenditure, funding sources, or projected returns from the C-79 well. Investors have no visibility on the economic impact or payback period for this drilling campaign.

Bottom line

Synergia's update signals that drilling of the C-79 well in the Cambay PSC is imminent, with a targeted spud date in late November 2026 and a 50% working interest. The operational plan is clear, focusing on the Eocene formation and employing hydraulic fracking, but the company provides no production or financial forecasts. The lack of economic data means investors cannot assess potential returns or risks beyond the technical and scheduling details. The credibility of the timeline is supported by the joint venture's readiness and rig selection, but execution and geological risks remain. The most important takeaway is that drilling is about to start, but investment decisions will require follow-up data on well results and financial impact.

Announcement summary

(AIM:SYN) Synergia Energy Limited has provided an update regarding its Cambay PSC (WI 50%) in India. The company and its joint venture partner, Antelopus Selan Energy Limited (ASEL), have been engaged in detailed technical discussions over several months concerning the planned new C-79 Cambay well. The primary target for the C-79 well has been agreed as the Eocene, which is located close to the existing producing C-19z well. The C-79 well will be drilled as a vertical or deviated well and will incorporate hydraulic fracking in the Eocene reservoir. ASEL plans to use a DEEP Industries rig for the drilling of the C-79 well. The current estimated spud date for the C-79 well is late November 2026. The Cambay PSC joint venture is operated with a 50% working interest. This update 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 and is disclosed in accordance with the Company's obligations under Article 17 of MAR. The announcement is made for and on behalf of Synergia Energy Limited by Roland Wessel, CEO.

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