Synergia Energy Share News (SYN)

(Sharecast News) - Synergia Energy updated the market on the planned work programme for the Cambay Field production sharing contract (PSC) in Gujarat, India on Wednesday.

The AIM-traded company said its joint venture partner, Selan Exploration Technology, took over as lead joint operator of the Cambay PSC following the completion of a farm-out agreement on 1 August.

Both Synergia and Selan hold a 50% working interest in the project.

It said Selan was planning to conduct workover operations on a minimum of three wells, with the potential to work on up to six wells.

The wells under evaluation for the programme included C-20, C-63, C-64, C-70, C-73, and C-77.

Synergia said the sequencing and technical requirements for the wells was currently being assessed, with the workover operations scheduled to begin in October.

The work was expected to take around six months to complete.

Following the workover programme, the next phase would involve the drilling of two new vertical wells and one horizontal well.

Synergia said it would not bear any financial costs during the work programme, as it would be carried by Selan under the terms of the $20m work programme agreement.

At 1415 BST, shares in Synergia Energy were down 12.27% at 0.1p.

Reporting by Josh White for Sharecast.com.