Oilex Ltd (GB:SYN) has released an update.
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Synergia Energy Ltd has completed its farm-out agreement with Selan Exploration Technology Limited, effectively transferring a 50% interest in the Cambay Field Production Sharing Contract to Selan. The agreement kickstarts an 18-month work program, with Selan carrying Synergia through a US$20 million work program that involves well workovers and drilling. Synergia has received a US$2.5 million upfront payment and will provide regular updates on the work program’s progress.
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