Synergia Energy Moves Forward on Cambay PSC Project with Upcoming Drilling and Workovers

PUBLISHED: 02 Jun 2025 @ 18:05 | Comments (0) | More info about Fiona Craig

Synergia Energy Ltd (LSE:SYN) has announced a major step forward in the development of its Cambay Production Sharing Contract (PSC) project in India. Its joint venture partner, Selan Exploration, has secured both a drilling rig and necessary services in preparation for a three-well drilling campaign. The first well is expected to spud in September 2025, while workover operations on existing wells are scheduled to restart in June 2025.

These activities form part of a broader $20 million development plan. Under the terms of the joint venture, Selan Exploration will fully fund Synergia’s share of the program, which could significantly boost production and reinforce Synergia’s role in India’s energy sector.

Despite these operational advancements, Synergia continues to face substantial financial challenges. The company has been dealing with shrinking revenues and persistent negative cash flow. Technical indicators suggest continued downward pressure on the stock, although its currently low price-to-earnings (P/E) ratio may point to an undervalued asset if fundamentals improve. Any positive developments on the corporate or operational front could serve as a catalyst for future growth, but financial risk remains a pressing concern.

About Synergia Energy Ltd

Formerly known as Oilex Ltd, Synergia Energy Ltd is engaged in the exploration and production of oil and gas, with a strategic focus on the Indian market. The company holds a 50% working interest in the Cambay PSC, a key asset in its portfolio. Through partnerships and development efforts like those underway with Selan Exploration, Synergia aims to unlock greater production potential and establish a stronger foothold in the region’s energy industry.

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