Synergia Energy touts start of workover operations at Cambay Field

(Alliance News) - Synergia Energy Ltd on Wednesday said that it has closed a farm-out agreement for the Cambay Field product sharing contract in Gujarat, India.

The West Perth, Australia-based oil and gas company's joint venture partner, Selan Exploration Technology Ltd, is now the lead joint operator on the Cambay contract, after the farm-out agreement was closed on August 1.

Selan now has a 50% working interest in the production sharing contract.

Accordingly, it plans to conduct workover operations on a minimum of three wells, and potentially up to six wells, on Cambay. The candidate wells are C-20, C-63, C-64, C-70, C-73 and C-77.

All workover candidates are currently being evaluated with respect to sequencing and technical requirements, with operations planned to start in October 2024.

Once completed, they will be followed by the drilling of two new vertical wells and one new horizontal well. It is expected that the workover program will last six months.

Synergia will be carried by Selan through the agreed USD20 million work program.

Shares in Synergia Energy were trading 9.2% lower at 0.100 pence each in London on Wednesday afternoon. The firm has a market cap of GBP10.4 million.

By Holly Beveridge, Alliance News senior reporter

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