Oilex Ltd (GB:SYN) has released an update.
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Synergia Energy Ltd has secured a short-term loan of GBP400,000 from existing investors to support its working capital needs while awaiting approval from the Government of India for a major transaction. This transaction involves the transfer of 50% of Synergia’s Cambay PSC to Selan Exploration Technology Limited, which will result in a USD 2.5 million payment to Synergia upon approval. The company intends to use the proceeds from Selan to repay the loan, thus minimizing shareholder equity dilution.
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