Oilex Ltd (SYN) AI Stock Analysis

• Market Cap: £1.71M
• Dividend Yield: N/A
• Average Volume (3M): 37.62M
• Price to Earnings (P/E): 1.0
• Beta (1Y): -0.22
• Revenue Growth: -55.91%
• EPS Growth: N/A
• Country: UK
• Employees: 29
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): N/A
• Shares Outstanding: 15,571,742,000
• 10 Day Avg. Volume: 27,522,438
• 30 Day Avg. Volume: 37,623,877
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.56
• Price to Sales (P/S): 34.68
• P/FCF Ratio: -0.82
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: 0.01 p ▼(-35.00% Downside)
• Action: Reiterated Date: 03/12/26
• Date: Action: Reiterated 03/12/26

The score is held down primarily by weak financial quality (shrinking revenue, negative gross profit, and ongoing operating/free-cash-flow burn), reinforced by bearish technicals (below key longer-term moving averages and negative MACD). A low P/E provides some valuation support, but it is tempered by the company’s volatility and weak cash generation.

Positive Factors

Low leverage / strong balance sheet

Zero reported debt and roughly A$9.1m of equity create a low-leverage capital structure that preserves financing optionality. Over the coming months this reduces refinancing and default risk, allowing the company to fund appraisal work or operations without immediate debt issuance.

Lean operating structure

A 29-person headcount implies a lean cost base and lower fixed overhead. Structurally this supports a longer operational runway per dollar of funding, enables focused capital allocation to licences and appraisal activity, and reduces cash burn pressure versus larger peers.

Clear upstream asset focus

A concentrated business model focused on onshore hydrocarbon exploration and licence progression provides strategic clarity. This asset-centric approach allows targeted appraisal investments and clear success metrics, offering material upside if exploration or appraisal results convert to commercial positions.

Negative Factors

Sharply declining revenue and negative gross profit

A steep drop in revenue alongside persistently negative gross profit signals weak underlying unit economics. Structurally, the core portfolio is not generating sustainable top-line or operating margin support, increasing the risk that operations require ongoing external funding or portfolio changes.

Persistent operating and free cash flow burn

Multi-year negative operating and free cash flow create a structural need for external capital or asset disposals. This dependency raises dilution and execution risk, constrains the ability to fund exploration or development, and limits strategic optionality until cash generation turns positive.

Declining asset base and fragile equity

Material asset declines combined with a history of losses make the company’s modest equity buffer vulnerable. Continued asset erosion would reduce collateral and heighten refinancing or solvency risk, limiting ability to support licences or attract favourable external funding.

Oilex Ltd Business Overview & Revenue Model

Company Description

Synergia Energy Ltd engages in the exploration for, appraisal, development, production, and sale of oil and gas in Australia, India, and Indonesia. It primarily holds 100% interest in the Cambay field located in the Cambay basin, onshore Gujarat, India. The company was formerly known as Oilex Ltd and changed its name to Synergia Energy Ltd in July 2022. The company was incorporated in 1997 and is headquartered in West Perth, Australia.

How the Company Makes Money

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Oilex Ltd Financial Statement Overview

Summary

Overall fundamentals are weak: revenue fell sharply in 2025 and gross profit remained deeply negative. Despite a swing to positive net income, operating cash flow and free cash flow stayed significantly negative, indicating continued cash burn. The main support is a relatively strong balance sheet with zero debt and positive equity.

Income Statement

Results remain volatile and heavily affected by non-core items. Revenue fell sharply in 2025 (annual) to 146k from 638k in 2024 (down ~60%), and gross profit stayed deeply negative, signaling weak underlying unit economics. That said, 2025 showed a large swing to positive net income (~5.0m) versus losses in prior years, but profitability quality looks uneven given the continued negative gross and EBITDA profile.

Balance Sheet

The balance sheet is a relative bright spot: the company reported zero total debt in 2025 (annual) and maintained positive equity (~9.1m), keeping leverage low. However, total assets declined materially versus 2024, and the multi-year history of losses raises the risk that equity could be pressured again if operating performance does not stabilize.

Cash Flow

Cash generation is weak and inconsistent. Operating cash flow was negative in 2025 (annual) at about -3.9m and free cash flow was also deeply negative (~-6.2m), continuing a multi-year pattern of cash burn. While free cash flow improved versus 2024, the business still relies on external funding or asset changes to sustain operations until operating cash flow turns positive.

Breakdown	Jun 2025	Jun 2023	Jun 2022	Jun 2021	Jun 2020
Income Statement
Total Revenue	146.27K	638.46K	141.44K	0.00	0.00
Gross Profit	-389.68K	-410.54K	-1.05M	-140.26K	-36.27K
EBITDA	-3.49M	-1.36M	-1.88M	-1.46M	-3.98M
Net Income	4.99M	-2.80M	-2.06M	-614.35K	-4.49M
Balance Sheet
Total Assets	11.43M	19.87M	25.78M	15.14M	13.15M
Cash, Cash Equivalents and Short-Term Investments	581.03K	1.07M	4.91M	4.75M	173.82K
Total Debt	0.00	1.74M	451.36K	-215.27K	769.55K
Total Liabilities	2.36M	9.91M	11.19M	6.16M	8.11M
Stockholders Equity	9.06M	9.96M	14.58M	8.98M	5.04M
Cash Flow
Free Cash Flow	-6.16M	-3.36M	-4.84M	-1.53M	-2.89M
Operating Cash Flow	-3.91M	-2.75M	-4.80M	-1.39M	-2.84M
Investing Cash Flow	1.23M	-608.95K	-2.58M	501.20K	-123.79K
Financing Cash Flow	826.09K	3.47M	7.80M	4.77M	2.78M

Oilex Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.02
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:SYN, the sentiment is Negative. The current price of 0.02 is above the 20-day moving average (MA) of <0.01, above the 50-day MA of 0.01, and above the 200-day MA of 0.02, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 0.04 is Positive, neither overbought nor oversold. The STOCH value of 37.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:SYN.

Oilex Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
PET	46 Neutral	£1.82M	-1.71	―	―	―	―
SYN	43 Neutral	£1.71M	1.02	37.47%	―	-55.91%	―
BUCE	39 Underperform	£1.95M	―	―	―	―	―

Oilex Ltd Corporate Events

Synergia Energy Corrects Cambay Field Production Figures

Synergia Energy has corrected its recently issued production update for the Cambay production sharing contract in onshore India, clarifying current output figures from its key wells. The company confirmed that the C-64 and C-74 wells are delivering a March-to-date average of 195 barrels of oil per day, while the C-77H well is producing on plateau at around 50,000 standard cubic feet of gas per day.

The clarification provides more accurate visibility on Synergia’s current operating performance at Cambay, an important asset where it holds a 50% working interest. By restating the production metrics, the company aims to ensure investors and other stakeholders have reliable data on well productivity and field output, which underpin assessments of near-term cash flow and asset value.

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.

Synergia Energy Lifts Oil Output at Cambay as Legacy Wells Rebound

Synergia Energy reported a significant uplift in oil production from two legacy wells, C-64 and C-74, at its Cambay PSC onshore field in India, following workovers completed in November 2025. Average combined production from these wells rose from 78 barrels of oil per day in February to 195 barrels of oil per day so far in March after recent increases in pump rates.

In addition to the improved oil output, the C-77H gas well at Cambay continues to produce at a stable plateau of around 500,000 standard cubic feet per day. The production gains from both oil and gas wells underscore enhanced operational performance at Cambay, with potential positive implications for Synergia’s near-term revenues and its positioning within the Indian onshore energy market.

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.

Synergia Sale of Cambay Stake Stalls as Selan Misses Bank Guarantee Deadline

Synergia Energy has confirmed it remains committed to developing its Cambay onshore gas asset in India, where it holds a 50% working interest and 206 BCF of proven P50 Eocene gas reserves. The company continues to be guided by existing farm-in and farm-out obligations, including a work programme that features drilling three new Eocene wells.

The company’s planned sale of its Cambay PSC stake to Antelopus Selan Energy for up to $14 million has stalled after Selan failed to provide a required bank guarantee before its exclusivity expired. Synergia will now review its options while retaining a non-refundable $0.5 million payment from Selan, a development that may alter its monetisation timeline but secures some compensation and preserves operational control of the asset for now.

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.

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

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.

Synergia Energy Wins Approval for Cambay Stake Sale and Shelves AIM Delisting

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.