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Oilex Ltd ( (GB:SYN) ) just unveiled an update.
Synergia Energy Ltd has signed a Sale and Purchase Agreement to sell its 50% working interest in the Cambay PSC to Antelopus Selan Energy Limited for $14 million. This transaction marks a significant shift in Synergia’s business operations and requires approval from both the Government of India and the company’s shareholders. The sale is expected to impact the company’s market positioning and future operations, as it plans to seek the cancellation of trading its shares on AIM. Meanwhile, ongoing workover and drilling operations at Cambay continue, with updates on production levels and hydrocarbon presence expected in due course.
Spark’s Take on GB:SYN Stock
According to Spark, TipRanks’ AI Analyst, GB:SYN is a Neutral.
The overall stock score is driven by the company’s financial struggles, which pose significant risks. However, the low P/E ratio suggests potential undervaluation. Positive corporate events, including the strategic sale of assets, provide a potential upside. Mixed technical indicators add to the uncertainty.
To see Spark’s full report on GB:SYN stock, click here.
More about Oilex Ltd
Synergia Energy Ltd is a company operating in the oil and gas industry, focusing on exploration and production activities. The company is involved in projects such as the Cambay PSC in India, where it holds a 50% working interest.
Average Trading Volume: 28,853,287
Technical Sentiment Signal: Sell
Current Market Cap: £2.65M
For an in-depth examination of SYN stock, go to TipRanks’ Overview page.