Synergia Energy Secures Cambay Field Partnership

Oilex Ltd (GB:SYN) has released an update.

Synergia Energy Ltd has received approval from the Government of India for a 50% working interest transfer in the Cambay Field Production Sharing Contract to Selan Exploration Technology Limited, effective 19 July 2024. This move finalizes the farm-out agreement and initiates a US$20 million development program including drilling of new wells and work-over operations. Synergia’s CEO expresses optimism for the early start of these operations to tap into the substantial reserves of the Cambay field.

For further insights into GB:SYN stock, check out TipRanks’ Stock Analysis page.