Member Info for gordon1237

Yes Wolfman, I was surprised at only 7 %. It does send a signal that Syn won't collapse imminently.

Will it be enough to make Selan get their finger out? From what I heard they got the regulator off their back by drilling one well which stopped short of the pay zone.

Kievsky. Yes you are right, we do have income coming in and it has recently improved with the announced 195 bpd. Is that increase enough to make them cash flow positive given that in the six months to December they lost around £600k?

Also, bear in mind that these are old partially depleted wells and it is unlikely to continue at that level.

Also, there have been many apparent votes of confidence from RIM in the years I have been here and things have only got worse.

I expect you will say this is a typical moan from an lth but I speak from experience.

One thing that might save us is if Selan did what they contracted to and drilled one of the three wells into the bloody Eocene.

I was told that there was a plan B. Let's see.

The grim reaper may be making a note in his diary .

Impossible to disagree Zag.

At least they didn't say " Pleased to announce ".

Lol.

FFS.

My sentiments in a nutshell Sprint.

They may have a small amount of cash but certainly not enough to see them through to the completion of any legal action. Judging by last time that could take years with no certainty as to the outcome. Of course they might only need to last until Selan drilled a well to the Eocene but who knows when/if that will happen ?

No point in Selan drilling unless it's to the correct zone. Their only purpose in drilling c78 was to satisfy the regulator, who must be very easily satisfied, given that the whole point of the jv was to exploit the Eocene gas reserves. No doubt if the

sale had gone through they would have drilled a bit deeper and done just that. Of course they know that Syn have no cash for a legal challenge for anything they do or don't do.

Crusty. I think this bit in particular beggars belief.

" Selan clarified that taking into account the additional subsurface data acquired from the Cambay field, coupled with geopolitical uncertainty on commodity pricing, it felt a need to reassess the valuation parameters for the transaction. Selan fails to commence carried drilling programme at the Cambay field".

That implies that drilling done so far tells them Cambay isn't worth as much. That's utterly ludicrous since they have yet to drill to the Eocene

where the gas reserves are.

Agreed Crusty. However, we can but hope. Another hope, slim admittedly, is that Selan can somehow be made to bloody get on with it.

But yes, we do need to hope someone else is interested.

Short term changes in oil and gas prices are irrelevant. Development of Cambay will take place over at least 10 years. Even the madman in the White House can't keep this insanity going for much longer.

Lets hope so Hugo but it's hard not to remember how long it took to find Selan. We were told it would be a few months. It was actually 16 months.

These bits are the bluntess Syn have ever been about Selan deliberately screwing them over on their obligations under the jv.

"The failure by Selan to execute the SPA after nine months of intensive legal activity combined with Selan's failure to execute on the agreed work program under the Farm-out / Farm-in Agreement signed on 14 February 2024, has forced the Company to review its options going forward. These options will include marketing the Company's 50% Cambay PSC working interest to other interested parties."

and

"Disappointingly Selan has yet to drill a new well in the Eocene gas reservoir which contains 206 BCF of P50 proven gas reserves. The Company still believes that the Cambay field potential lies in the Eocene gas reserves the value of which has not diminished since the signing of the Selan joint venture."

and

"A new well (C-78) was drilled during November 2025 down to the Oligocene OSII formation. The well was tested after perforating the OSII zone without material production and the well is currently suspended."

That last bit is the most blatant of all. Deliberately stopping drilling at the Oligocene when the pay zone is a few hundred metres lower in the

Eocene.

Would have thought that warranted a separate rns Hugo. Do you have reason to believe that, or are you, like the rest of us, looking for a straw to clutch?

Yeah. Now 2 weeks since the last news. Throw us a few crumbs Roland.

HI Espen. Cheltenham started on Tuesday and finished today. I had tickets for Tuesday, Champion Hurdle day, but couldn't go due to a serious illness in the family. Much as I love racing, some things are more important.

Hugo. Doubt it.

Tucker. Roland pretty much has said it's all down to Selan. This from the annual report.

" Selan is the lead operator, leaving Synergia with limited influence over operational decisions."

He has gone further off the record.