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An announcement from Oilex Ltd ( (GB:SYN) ) is now available.
Synergia Energy Ltd shareholders have approved the disposal of the company’s 50% working interest in the Cambay Production Sharing Contract (PSC) in India to Selan, while voting down a second resolution that would have led to delisting from AIM. The company will now proceed to execute the Sale and Purchase Agreement and submit a Deed of Assignment to the Indian government, with completion still contingent on regulatory approval and Selan providing an acceptable bank guarantee for deferred payments. Following the divestment, Synergia plans to refocus its strategy on advancing the UK Medway Hub Camelot CCS project with a new joint venture partner, progressing the Cambay Basin CCS scheme with Indian authorities, managing its exit from the Cambay PSC and related tax recoveries, exploring additional oil and gas development opportunities in India, and seeking to return capital to shareholders via a share buy-back, all while remaining listed on AIM and positioning itself as a more streamlined, value-focused energy player.
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 an energy company with interests in oil and gas development and emerging carbon capture and storage (CCS) projects. The company is active in India’s Cambay Basin and is pursuing the UK Medway Hub Camelot CCS project, while also looking to leverage its management expertise to identify further hydrocarbon opportunities, primarily in the Indian market.
Average Trading Volume: 22,046,273
Technical Sentiment Signal: Sell
Current Market Cap: £1.09M
See more insights into SYN stock on TipRanks’ Stock Analysis page.