(Alliance News) - Synergia Energy Ltd announced on Tuesday that it had moved forwards with its operations at Cambay Field in Gujarat, India.
Synergia, formerly Oilex Ltd, is a company focused on the development, production, and sale of oil and gas in Australia, India, and Indonesia.
The Cambay project covers around 40,000 acres, and is the company's key asset in India.
Synergia said production tubing was successfully reinstalled on September 22 as part of the C-77H well workover. It said the well was back in action following the recovery of significant volumes of fluid, and as of September 27 was producing through the C-73 facility at a steady rate of 150,000 standard cubic feet per day.
Following the workover, Synergia believes new wells will achieve greater than 4 million standard cubic feet per day production rates, and will strengthen the company's ability to secure a partner for "full field development" by contributing to "robust field development economics".
Chief Executive Officer Roland Wessel said Synergia plans to farm out up to 50% of Cambay PSC, and has selected advisors for this process "who have extensive knowledge of the Indian oil and gas industry as well as a global reach and excellent success-based track record".
Over 70 wells have already been drilled on the field, with cumulative production of over 104 billion cubic feet of gas. Synergia aims to commercialise Cambay Field in order to capitalise on the growing natural gas supply-demand gap in India.
Synergia shares were trading 5.4% higher at 0.13 pence each in London on Tuesday afternoon.
By Holly Beveridge; hollybeveridge@alliancenews.com
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Synergia Energy (SYN)