Synergia Energy provides details on forward drilling programme

(Alliance News) - Synergia Energy Ltd on Monday said there is potential to sharply increase gross production and cash flow as it announced an update for Cambay.

West Perth, Australia-based oil and gas company said at its Cambay production sharing contract onshore India, three new wells are to be drilled comprising two vertical wells. Synergia has a 50% working interest in it.

Chief Executive Officer Roland Wessel said: "On Cambay, we are pleased to be able to report further details on the forward drilling and workover program for 2025 with our partner Selan as part of the USD20 million work program where we are fully carried.

"We benefit from the production of low-cost, high-value gas that is sold to domestic industrial customers and, following the proposed drilling of three new wells and workovers, there is the potential to significantly increase gross production and cash flow. India remains an attractive jurisdiction to do business given high domestic gas prices and an attractive operating and fiscal regime and we look forward to reporting the results of our drilling and workover activities as they occur."

In December, Synergia had said that pre-workover activities positively impacted crude oil output, which has increasd by an average rate of 25 barrels of oil per day since the start of November.

Synergia shares fell 7.7% to 0.042 pence each on late Monday morning in London.

By Tom Budszus, Alliance News slot editor

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