The latest update is out from Oilex Ltd ( (GB:SYN) ).
Synergia Energy Ltd has announced an update on its Cambay PSC project in India, where it holds a 50% working interest. The company has partnered with Selan Exploration to execute a $20 million work program, including drilling three new wells. Although the drilling was expected to begin in Q2 2025, it has been delayed until September 2025 due to uncontracted drilling rigs. Despite the delay, Synergia’s financial impact is minimized as Selan covers the costs. Synergia is also implementing cost-saving measures, including pausing non-essential projects and partially settling directors’ salaries in shares.
More about Oilex Ltd
Synergia Energy Ltd operates in the oil and gas industry, focusing on exploration and production activities. The company is involved in the Cambay PSC in India, where it has a 50% working interest. Synergia collaborates with Selan Exploration, a well-established Indian oil and gas company, to execute a significant work program in the region.
YTD Price Performance: -60.0%
Average Trading Volume: 30,759,885
Technical Sentiment Signal: Strong Buy
Current Market Cap: £3.19M
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