18th May 2023 14:56
(Alliance News) - Synergia Energy Ltd shares dropped on Thursday, after it said one of its applications under a carbon storage licencing round has been unsuccessful.
Shares in the developer of natural gas assets in India were down 14% to 0.14 pence each in London on Thursday afternoon.
In September 2022, Synergia submitted two separate applications under the North Sea Transition Authority's licensing round.
At the time, it said that if successful, sites will provide extra 100MT of carbon dioxide storage capacity to complement Medway Hub carbon capture project.
On Thursday, Synergia Energy said it has been advised by the North Sea Transition Authority that one of the two licence applications made by the company under the first carbon storage licencing round has been unsuccessful.
The second licence application remains under consideration by the NSTA, it added.
By Sophie Rose, Alliance News reporter
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