Result of General Meeting
Synergia Energy Ltd announced the results of its General Meeting where Resolution One was carried, allowing the company to proceed with the Sale and Purchase Agreement to transfer its 50% working interest in the Cambay PSC to Selan, subject to Indian government approval and Selan establishing a bank guarantee. Crucially, Resolution Two was not passed, meaning Synergia Energy will not delist from AIM and will instead focus on progressing the UK Medway Hub Camelot CCS project, seeking a new joint venture partner, managing capital return to shareholders via a share buy-back, exiting the Cambay PSC, progressing the Cambay Basin CCS Scheme, and identifying new oil and gas development opportunities.
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RNS Announcement
AIM: SYN
Results of General Meeting
Synergia Energy Ltd (the "Company") is pleased to announce the voting results from the Company's General Meeting of Shareholders, held on Monday, 29 December 2025.
The Company advises that all motions put to the meeting were voted on by poll, with resolution one carried, resolution two was not passed. Details of the proxy voting and voting outcomes for all motions put to the meeting are set out in the attached report which can be accessed through the pdf link above.
Accordingly, and as previously advised, the Company will execute the Sale and Purchase Agreement and submit a Deed of Assignment to the Government of India to transfer the Company's 50% working interest in the Cambay PSC to Selan.
The Transaction remains subject to approval from the Government of India and subject to Selan establishing a bank guarantee for the deferred payment in a format suitable for the Company.
Following the Disposal, The Company will re-focus its activities and will:
- strive to progress the UK Medway Hub Camelot CCS project and install a new joint venture partner to replace Harbour Energy on the CS019 Camelot CCS licence;
- seek to manage the return of capital to shareholders via a share buy-back scheme;
- the India Project Office will manage the exit from the Cambay PSC and recovery of proceeds and withholding taxes;
- progress the Cambay Basin CCS Scheme with regulatory authorities and the Government of India; and
- seek to identify additional oil and gas development opportunities, primarily in India leveraging off the experience and expertise of the Company's management team.
In accordance with the result of the shareholder vote, the Company will no longer proceed with the planned delisting of the Company's shares on AIM at the present time and will focus on developing the Company's business and returning value to shareholders while remaining an AIM traded company.
Further announcements will be made as appropriate.
For and on behalf of Synergia Energy Ltd
Allison Pacinotti
Company Secretary
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.