Synergia Energy

What Synergia Energy does

Synergia Energy Ltd is an Australia-incorporated, London-AIM-listed (ticker: SYN) upstream oil and gas company with a dual focus on tight-gas production and Carbon Capture and Storage (CCS) project development. Its flagship operating asset is the Cambay Production Sharing Contract in Gujarat, India — a 161 km² (~40,000 acres) licence covering the Cambay Basin where the company has historically drilled over 70 wells and recorded cumulative production exceeding 104 BCF. Independent auditor RISC certified 206 BCF of 2P gas reserves plus 8 mmbbls of condensate (April 2022), with an additional 720 BCF of contingent gas resources in the Eocene tight siltstone formation. Production methodology centres on hydraulic fracturing stimulation ('Plug and Perf') applied to horizontal wells such as C-76H and C-77H.

The company operates two additional CCS projects alongside the gas business: the UK Medway Hub Camelot CCS project under NSTA carbon storage licence CS019 in the Southern North Sea (in partnership with Harbour Energy, which announced its intention to withdraw in November 2024), and the Cambay CCS Scheme in India targeting the Olpad Formation at 2,000–3,000m depth. Revenue is generated from gas and condensate sales to the local low-pressure grid in Gujarat under a single contract executed in April 2022; CCS revenue is conceptual and would arise from long-term merchant contracts with carbon emitters such as power stations, cement works, and refineries. Following the failure of the Selan 50% Cambay divestment in January 2026, Synergia is pivoting strategic focus toward the UK CCS opportunity while retaining its 50% Cambay working interest.

The business is small and capital-constrained: market capitalisation stood at approximately £1.71 million in April 2026 with 15.57 billion shares outstanding at GBX 0.01, headcount of 51–100 employees across Perth, London, and Vadodara offices, and reliance on a US$700,000 unsecured loan facility from substantial shareholder Republic Investment Management for working capital. The company is delisted from the ASX (effective 30 December 2022) and trades exclusively on AIM via a Depositary Interest facility.

Name

Synergia Energy

Legal name

Synergia Energy Ltd

Website

https://synergiaenergy.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

51–100 employees

Short description

Synergia Energy Ltd is an Australia-incorporated, AIM-listed upstream oil and gas company producing tight gas from the Cambay field in Gujarat, India, and developing Carbon Capture and Storage projects in India and the UK North Sea for industrial emitters.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Exploration and Production

NAICS

Natural Gas Extraction (211130)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Exploration Services (1382)

akta.pro primary industry

Unconventional Gas E&P (Shale/Tight Gas) (EUAAAAAC)

Keywords

• Natural gas production
• Oil and gas exploration
• Carbon capture storage
• Tight gas development
• Upstream energy

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Gas and Condensate Production Sales: Revenue from selling natural gas and gas condensate produced from the Cambay field to local industrial markets in Gujarat, India. Gas is sold under contracts to the local low-pressure grid system. Production from C-73 and C-77H wells resumed in April 2022.
2. CO2 Transportation and Storage Services: Merchant CCS scheme where emitters pay for CO2 transportation and storage under long-term contracts rather than incurring carbon allowance costs. Revenue generated from carbon emitters including power stations, cement works, and refineries in proximity to Cambay and UK North Sea projects.
3. Share Options Premium: Republic Investment Management received share options exercisable at a premium as compensation for providing the US$700,000 unsecured loan facility.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Synergia Energy Ltd is an upstream oil and gas company focused on responsible gas production from the Cambay Field in Gujarat, India (covering 161 km² / ~40,000 acres) using hydraulic fracturing of tight Eocene reservoirs, alongside development of Carbon Capture and Storage (CCS) projects in India and the UK North Sea. Natural gas and gas condensate are sold directly to the local low-pressure grid system and industrial buyers in Gujarat, while CCS services would be offered to carbon emitters under long-term merchant contracts.

Product overview

Synergia Energy Ltd is an oil and gas exploration and production company focused on two core product lines: (1) natural gas production from its flagship Cambay Gas Field Development in Gujarat, India, utilizing horizontal drilling and hydraulic fracturing technology to extract tight gas from Eocene reservoirs, and (2) Carbon Capture and Storage projects including the UK Medway Hub Camelot CCS Project in the Southern North Sea and the Cambay CCS Scheme in India. The company operates as a single unified entity without modular product offerings, with all activities centered on responsible gas production and CCS project development.

Differentiator

Problem solved

Functional benefit

Products and services

• Cambay Gas Field Development Tight gas development project in the Cambay Basin, Gujarat, India, covering 161 km² (~40,000 acres). The project focuses on extracting gas from Eocene tight siltstone reservoirs using hydraulic fracturing stimulation and horizontal drilling technology. Contains 206 BCF of P50 gas reserves and 8 mmbbls of condensate in the 2P category, with 720 BCF of contingent gas resources and 53 mmbbls of contingent condensate resources. Over 70 wells have been drilled historically with cumulative production exceeding 104 BCF.
• UK Medway Hub Camelot CCS Project Carbon Capture and Storage project in the Southern North Sea focused on the Camelot field, operated under NSTA carbon storage license CS019. The project involves transporting CO2 via marine tanker from coastal CCGT power stations and continental European carbon hubs to a Floating Injection, Storage and Offloading vessel (FISO) for injection into the Camelot depleted gas field and the overlying Bunter saline aquifer. The project is contemplated as a merchant scheme where emitters pay for CO2 transportation and storage under long-term contracts instead of incurring carbon allowance costs. Synergia is seeking to replace former JV partner Harbour Energy (which announced its intention to withdraw in November 2024).
• Cambay CCS Scheme Carbon Capture and Storage scheme in India based on the Olpad Formation at depths of 2,000–3,000 metres, located beneath the historically producing oil and gas reservoirs on the Cambay PSC. The Olpad Formation represents an extensive CO2 storage reservoir extending well beyond the Cambay PSC license area. The scheme targets CO2 emissions from nearby coal- and gas-fired power stations, cement works, and refineries for sequestration. Synergia is working with the Directorate General of Hydrocarbons to develop a proof-of-concept pilot project on the Cambay PSC.

Quantifiable outcome

• 206 BCF of 2P gas reserves and 8 mmbbls condensate returned to reserves category from Contingent Resources (April 2022 review by RISC)
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core, historical and minor.

• Harbour EnergycoreStrategic or Co-development Partner · 1 November 2024Harbour Energy is Synergia's JV partner on the NSTA carbon storage license CS019 covering the Camelot field in the Southern North Sea for the Medway Hub Camelot CCS project. In November 2024, Harbour Energy announced its intention to withdraw from the CS019 licence. Synergia is progressing the work program leading to Site Characterisation milestone and seeking to replace Harbour Energy with a new JV partner.
• Selan Exploration Technology Limited (Selan)coreStrategic or Co-development Partner · 14 February 2024Synergia and Selan are joint operators of the Cambay PSC with Selan appointed as Lead Joint Operator. Selan was to be carried through a US$20 million work programme comprising 3 new wells and 6 well work-overs. Selan drilled well C-78 in October/November 2025 but it did not achieve commercial production. A second new well C-79 is currently being planned. Following Selan's failure to complete the agreed Sale and Purchase Agreement for 50% WI purchase, Synergia is seeking alternative options while encouraging Selan to execute the work program.
• GSPC (Gujarat State Petroleum Corporation)historicalStrategic or Co-development PartnerGSPC previously held 55% participating interest in Cambay PSC. In June 2021, Synergia executed a binding sale and purchase agreement to acquire GSPC's 55% participating interest, providing Synergia with 100% working interest in the Cambay concession.
• SP AngelminorOthersSP Angel serves as AIM UK Nominated Advisor (NOMAD) for Synergia Energy Ltd, providing corporate finance advice and ensuring compliance with AIM rules.
• AlbR Capital LimitedminorOthersAlbR Capital Limited serves as AIM UK Joint Broker for Synergia Energy Ltd, facilitating trading and liquidity for the company's shares on London's AIM market.
• ComputershareminorOthersComputershare Investor Services Pty Limited (Australia) and Computershare Investor Services PLC (UK) serve as share registrars. Computershare UK also serves as Depositary for the DI facility enabling trading on AIM.
• Vigo Communications LtdminorOthersVigo Communications Ltd provides investor and public relations services from their London office at 78-79 New Bond Street.
• PKFminorOthersPKF serves as the company's external auditor with office at Level 8, 905 Hay Street, Perth WA 6000, Australia.

Scale indicators8 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Selan Exploration Technology Limited: Selan is Synergia's joint operator on the Cambay PSC and operates adjacent acreage in the Cambay Basin with similar tight gas Eocene reservoirs. Both are small-cap upstream companies focused on Indian tight gas development with comparable operating models and customer profiles.
• Block Energy plc: Block Energy is a small AIM-listed upstream oil and gas company founded by Synergia's Non-Executive Director Paul Haywood. Both companies pursue similar asset-acquisition and development strategies in the UK and surrounding regions, with comparable scale and capital structure.
• Star Energy Group plc: Star Energy is a UK-based onshore oil and gas operator founded by Synergia's CEO Roland Wessel. Both companies share the same leadership heritage and pursue similar upstream asset development models targeting small-to-mid scale hydrocarbon resources.
• IGas Energy plc: IGas Energy is a UK onshore oil and gas producer with similar scale to Synergia, focused on unconventional resource development. Comparable in market cap, asset base, and operational profile as a small UK-listed upstream producer.
• Harbour Energy plc: Harbour Energy is Synergia's former JV partner on the UK Medway Hub Camelot CCS project and a major UK North Sea operator with CCS interests. Comparable in their UK North Sea operational footprint and CCS development strategy, though significantly larger in scale.
• Antelopus Selan Energy Limited: Antelopus Selan is the amalgamated entity created from Selan Exploration's merger with Antelopus Energy, the counterparty to Synergia's failed $14M Cambay PSC sale. Operates as direct JV partner with overlapping Cambay Basin acreage and similar tight gas development focus.

Broad incumbents

• EnQuest plc: EnQuest is a larger UK-listed North Sea oil and gas producer with comparable UK offshore operations and decarbonization initiatives. While significantly larger than Synergia, both share UK North Sea operational presence and CCS development interests.
• ONGC (Oil and Natural Gas Corporation): ONGC is India's national oil company that originally discovered hydrocarbons in the Cambay Basin in 1958. Both operate in the same basin with overlapping geological knowledge, though ONGC operates at vastly larger scale with integrated upstream-downstream operations.
• Cairn Energy / Cairn India (now Vedanta): Cairn is a major India-focused upstream operator with historical exploration in the Cambay Basin region. Both target Indian hydrocarbon resources and the broader Indian E&P market, though Cairn operates at significantly larger scale.
• Reliance Industries Limited: Reliance is one of India's largest private sector oil and gas operators with upstream interests and CCS-adjacent investments. Synergia's Head of India Assets previously worked at Reliance Petroleum, and both target Indian gas markets though Reliance operates at vastly larger scale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/Synergiaenergy
• Facebookfacebook.com/sharer.php?u=https%3A%2F%2Fwww.synergiaenergy.com%2F&title=Homepage
• LinkedInlinkedin.com/company/synergiaenergy

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Synergia Energy