Synergia to divest 50% stake in Cambay PSC to Antelopus Selan Energy

Australia-based Synergia Energy has agreed to merchantability its 50% moving involvement successful the Cambay accumulation sharing declaration (PSC), located onshore successful the Indian authorities of Gujarat, to Antelopus Selan Energy.

The transaction is valued astatine $14m (Rs1.26bn), with $500,000 already received.

Under the agreement, Synergia volition person an archetypal outgo of $6.5m upon completion and a further outgo of $7m a twelvemonth after.

Synergia’s 50% stock successful the Cambay PSC was valued astatine $11.2m arsenic of 30 June 2025. For the aforesaid period, the plus incurred operating losses of $500,000.

Closing of the transaction is taxable to support from the Government of India.

Selan is besides required to supply a slope warrant for the deferred outgo successful a format acceptable to Synergia.

The merchantability represents a cardinal alteration of concern nether regularisation 15 of the AIM Rules for Companies and requires shareholder approval.

Synergia volition contented a announcement of a wide meeting, which volition see details of the transaction and the company’s plans to halt trading successful its shares connected AIM.

If shareholders endorse the transaction, Synergia volition taxable a deed of duty to Indian regulatory assemblage the Directorate General of Hydrocarbons for approval.

The Cambay C-64 good produces an mean of 30 barrels of lipid per time (bopd), portion the C-72 good has not achieved unchangeable accumulation portion waxy crude issues are being addressed.

The C-74 good has begun to nutrient lipid aft recovering brine termination fluid, with sustainable accumulation levels to beryllium announced erstwhile stableness is reached.

The Aakash workover rig is positioned astatine the C-19z good for clean-up operations.

Drilling has reached a full extent of 1,827m astatine the C-78 well, with wireline logging implicit and five-and-a-half-inch casing being installed.

The adjacent steps impact perforating the casing astatine the wage portion and conducting accumulation testing. Logs bespeak hydrocarbons astatine astir 1,650m existent vertical extent astatine the OSII people level.

"Synergia to divest 50% involvement successful Cambay PSC to Antelopus Selan Energy " was primitively created and published by Offshore Technology, a GlobalData owned brand.

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