Synergia Energy : Investor presentation April 2024

NG Grain LNG terminal

SYNERGIA ENERGY

OVERVIEW

Strategy reset

Medway Hub (UK)

Cambay Gas Field (India)

Cambay CCS Scheme (India)

• Renamed Synergia in July 2022 . Focussed on carbon reduction
• Focus on 2 CCS projects and Cambay gas field development in India
• Solely AIM-listed with London-centric management following departure from ASX
• Panmure Gordon appointed as joint broker to drive long-term institutional investor interest
• NSTA Carbon storage license issued in June 2023.
• License application was made jointly with Synergia's 50:50 partner, Wintershall Dea, with Synergia as operator. Wintershall Dea is projected to be sold to Harbour Energy Q4 2024
• Carbon capture and storage of CO2 from 3 major Combined Cycle Gas Turbine (CCGT) power stations and from Continental Europe
• Cambay (100% WI) production restarted in April 2022 and full field development planned to commence Q2 2024 - 205 BCF of P50 reserves. Gas field currently generating revenue.
• Farm Out agreement signed with Selan Exploration February 2024. 50:50% JV
• Gas production in India to help reduce coal-fired power station dependence
• Cambay CCS scheme in India to make material carbon reduction contribution by transporting and storing over 40 Mtpa CO2 from coal-fired and CCGT power stations in proximity to the Cambay gas field.

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FOCUSSED ON CARBON REDUCTION

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Currently generating revenue from Cambay gas field in India - gas production to replace LNG imports and reduce dependence on coal-fired power generation

Medway Hub CCS project in the UK - aims to transport and store up to 6.5 Mpta of CO2 via merchant scheme offering emitters cost savings over the prevailing CO2 emission cost. The transport and storage service will be offered on a long-term contracted basis.

CCS scheme at Cambay will make material contribution to carbon reduction efforts by transporting and storing over 40 Mpta CO2 from coal-fired and CCGT power stations in proximity to gas field

MEDWAY HUB CCS PROJECT

PROJECT OVERVIEW

• Carbon capture and storage of CO2 from 3 major CCGT power stations located on the Isle of Grain near Rochester, Kent
• Scheme involves CO2 extraction from exhaust stream from CCGT power stations located close to the Isle of Grain LNG terminal
• Liquid CO2 transported via tanker to depleted gas fields for permanent storage

Medway Hub CCS Project Specifications

MEDWAY HUB CCS PROJECT

PROJECT OVERVIEW (contd.)

MEDWAY HUB CCS PROJECT

COMMERCIAL HIGHLIGHTS

• Synergia / Wintershall recently awarded a CCS license for the Camelot reservoirs by the North Sea Transition Authority (NSTA).
• Multiple discussions have been held with primary emitter customers as well as NG
  Grain (who would liquefy, store and load CO2 at their Isle of Grain LNG terminal). Other potential customers include CO2 hubs at Zeebrugge, Rotterdam and Wilhelmshaven.
• Commercial model is a "merchant scheme" not predicated by UK Government funding or subsidies
• Emitter customers to enter into a long-term offtake agreement with Synergia / Wintershall acting as T&S contractors.
• Emitter customers will be offered a T&S price that offers cost savings over the prevailing emitting cost
• Emitter customers to save on emission costs and have the benefit of carbon zero power generation

MEDWAY HUB CCS PROJECT

THE DEVELOPERS

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MEDWAY HUB CCS

PROJECT TIMELINE & RESPONSIBILITIES

The project is a simple carbon capture and storage scheme and involves:

CCGT operators responsible for in-situ CO2 capture - separation of CO2 from exhaust streams of CCGT power stations Synergia responsible for:

• liquefaction of CO2 at Isle of Grain LNG terminal
• Storage of liquid CO2 in storage tanks at IoG LNG terminal (liquid CO2 maintained at -41°C and 9.8 bar through to wellhead)
• Batch loading of liquid CO2 onto CO2 tanker at the IoG LNG terminal
• Transport of liquid CO2 to depleted gas fields for injection into depleted reservoirs or aquifers
• Average CCGT CO2 emissions of 371 metric tons per GWh to be reduced to close to zero
• Transport by sea tanker to Floating Injection, Storage and Offloading vessel (FISO) at depleted fields / aquifers
• FISO incorporating CO2 offloading from sea tanker, CO2 storage and injection pumping facilities
• CO2 injection wells with subsea manifolds

2024

Early Risk

Assessment

2025

Technical

analysis

2026

Contingent

appraisal

well drilling

2027

Assessment

and

definition

2028

Storage

permit

application

MEDWAY HUB CCS

FISO FEATURES AND ADVANTAGES

Moored vessel incorporates CO2 loading facilities from CO2 tankers, CO2 storage, pumping equipment for CO2 injection via umbilicals into depleted gas reservoirs and saline aquifers via subsea manifolds

FISO is CCS equivalent of FPSO and can be positioned over any suitable storage reservoir and relocated once a particular reservoir has been filled

Can accept CO2 cargoes from multiple locations via CO2 tanker

Eliminates the need for CO2 seabed pipelines which have inherent technical challenges

CAMBAY INDIA

PROJECT OVERVIEW

• Cambay PSC currently licensed through 2029 and can be extended

• CCS scheme and upstream gas production

• Synergia WI: 100% to reduce to 50% when Selan Farm Out closes

• Full operational team based in Vadodara

• Processing facilities and export connection currently to low pressure grid

• Production resumed April 2022 after a 3.5 year hiatus

• C-77H is a horizontal fracked well producing from Eocene tight siltstone formation

• Full field development planned to commence Q2 2024