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

SYN.L +26.67% ANTELOPUS.BO -0.46%

Australia-based Synergia Energy has agreed to sell its 50% working interest in the Cambay production sharing contract (PSC), located onshore in the Indian state of Gujarat, to Antelopus Selan Energy.

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

Under the agreement, Synergia will receive an initial payment of $6.5m upon completion and a further payment of $7m a year after.

Synergia’s 50% share in the Cambay PSC was valued at $11.2m as of 30 June 2025. For the same period, the asset incurred operating losses of $500,000.

Closing of the transaction is subject to approval from the Government of India.

Selan is also required to provide a bank guarantee for the deferred payment in a format acceptable to Synergia.

The sale represents a fundamental change of business under rule 15 of the AIM Rules for Companies and requires shareholder approval.

Synergia will issue a notice of a general meeting, which will include details of the transaction and the company’s plans to stop trading in its shares on AIM.

If shareholders endorse the transaction, Synergia will submit a deed of assignment to Indian regulatory body the Directorate General of Hydrocarbons for approval.

The Cambay C-64 well produces an average of 30 barrels of oil per day (bopd), while the C-72 well has not achieved stable production while waxy crude issues are being addressed.

The C-74 well has begun to produce oil after recovering brine kill fluid, with sustainable production levels to be announced once stability is reached.

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

Drilling has reached a total depth of 1,827m at the C-78 well, with wireline logging complete and five-and-a-half-inch casing being installed.

The next steps involve perforating the casing at the pay zone and conducting production testing. Logs indicate hydrocarbons at around 1,650m true vertical depth at the OSII target level.

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

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