Synergia Energy Reports Gas Shows at New Cambay Well and Stable Output from Workovers

The latest announcement is out from Oilex Ltd ( (GB:SYN) ).

Synergia Energy has updated the market on operations at its onshore Cambay PSC in India, reporting that the newly drilled C-78 well in the Oligocene OSII zone has shown gas during clean-up and testing and is now being monitored for pressure behaviour to inform future gas monetisation plans. The company also said that workover operations on existing wells C-64 and C-74 have resulted in stabilised aggregate production of around 40 barrels of oil per day (gross), marking steady, if modest, output that could support continued appraisal and development of the Cambay field.

The most recent analyst rating on (GB:SYN) stock is a Hold with a £0.01 price target. To see the full list of analyst forecasts on Oilex Ltd stock, see the GB:SYN Stock Forecast page.

Spark’s Take on GB:SYN Stock

According to Spark, TipRanks’ AI Analyst, GB:SYN is a Neutral.

The score is held down primarily by weak financial performance (shrinking revenue, negative gross profit, and ongoing operating/free-cash-flow burn) and bearish technical signals (below major moving averages with negative MACD). A very low P/E provides some valuation support, but it is not enough to offset the operating and cash-flow risks.

To see Spark’s full report on GB:SYN stock, click here.

More about Oilex Ltd

Synergia Energy Ltd is an oil and gas exploration and production company focused on onshore assets in India, where it holds a 50% working interest in the Cambay Production Sharing Contract (PSC). The company’s activities centre on developing hydrocarbon resources through drilling, workovers and optimisation of existing wells to monetise discovered gas and oil reserves.

Average Trading Volume: 45,551,928

Technical Sentiment Signal: Sell

Current Market Cap: £1.87M

For detailed information about SYN stock, go to TipRanks’ Stock Analysis page.