Synergia receives $0.5m as part of proposed Cambay PSC sale

(Sharecast News) - Synergia Energy confirmed receipt of a $0.5m initial payment from Selan Exploration Technology on Monday, as part of the proposed sale of its 50% working interest in the Cambay production sharing contract (PSC) in onshore India. The AIM-traded firm said the payment followed the recent signing of heads of terms for the transaction, with the parties now working to finalise a mutually acceptable sale and purchase agreement.

Separately, Synergia reported that workover operations on the C-64 well at Cambay had been delayed due to seasonal monsoon rains.

The ongoing work, which included the installation of a sucker rod pump, was now expected to continue into August.

At 0932 BST, shares in Synergia were up 4.76% at 0.02p.

Reporting by Josh White for Sharecast.com.