Synergia Energy Ltd - West Perth, Australia-based oil and gas company - Says 50-50 joint venture partner Harbour Energy PLC has withdrawn from the Medway Hub Camelot carbon capture & storage project joint operating agreement and the associated carbon storage license CS019, meaning Synergia Energy’s stake in the project has reverted to 100%. The withdrawal was part of Harbour Energy’s rationalisation of its carbon capture & storage portfolio. Synergia Energy will begin to search for a new joint venture partner.

Chief Executive Officer Roland Wessel says: ‘The company believes the Medway Hub Camelot CCS project has significant technical and commercial merit and has the potential to make a material contribution towards the UK government’s net zero targets, with a target storage rate of up to 6.5 million tonnes of carbon dioxide annually. The company remain committed to progressing the project through to commercial operations.’

Current stock price: 0.049 pence, down 1.0% in London on Friday

12-month change: down 52%

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