Camelot CCS and Cambay PSC Update

In brief · summary, not quotable

Synergia Energy Limited is relinquishing its 50% interest in the CS019 Camelot carbon storage licence due to concerns regarding legacy well integrity and commercial uncertainties, with its partner Harbour Energy expected to do the same. The company will now focus on its Cambay PSC project in India, where the recently worked-over C-08 well is producing approximately 30 bopd, bringing total production to around 140 bopd and 50 MCF gas. Synergia is also exploring additional opportunities in the E&P sector.

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Synergia Energy Limited (Synergia or the Company) announces the following update regarding its Camelot CCS project in the UK Southern North Sea and its Cambay PSC (WI 50%) in India.

Camelot CCS Project

Synergia has a 50% interest in the CS019 Camelot carbon storage licence in the Southern North Sea. In November 2025, the Company submitted a comprehensive legacy well integrity risk assessment report to the North Sea Transition authority (NSTA). The risk assessment report was reviewed on 9 June 2026 during an NSTA-hosted workshop in London.

The CS019 licence contains 13 legacy wells. The detailed abandonment data for two wells (53/01-4 and 53/01-6) have not been able to be located and the NSTA is concerned that the Mobil composite logs produced in the 1970's cannot be corroborated. The wells were abandoned with an open hole section in the Leman Sandstone and Zechstein formations and after circa 50 years, Synergia is confident these hole sections will have collapsed. Consequently, the wells cannot be re-abandoned.

In view of the uncertainty of being able to obtain a storage permit for the Leman Sandstone storage reservoir together with commercial uncertainties, the Company has decided to apply to relinquish its CS019 licence, and anticipates its 50% joint venture partner in the licence, Harbour Energy, to also request a relinquishment of its licence.

Although the Company retains its interest in the CCS sector via its Cambay CCS project in India, going forward, Synergia will continue to focus on the further development of its Cambay PSC field in India and will be assessing additional opportunities in the E&P sector.

Cambay PSC production update

Following the Company's announcement on 27 May 2026 concerning the workover program on the Cambay PSC legacy wells, the recently worked-over C-08 well has stabilised at a production level of circa 30 bopd.

Total production is currently circa 140 bopd and circa 50 MCF gas.

For and on behalf of Synergia Energy Limited

Roland Wessel