|
Synergia Energy Ltd - Perth-based oil and gas mining company - Reports net post-tax profit of A$5.0 million for the year ended June 30, against the prior year’s A$2.8 million loss, due to an A$8.4 million gain on the farm-out of the Cambay Basin oil field in India. Synergia and Selan Exploration Technology Ltd, now named Antelopus Selan Energy Ltd, executed a farm-out agreement to set up a joint venture at Cambay in February, 2024, and in July this year Synergia executed heads of terms to sell its 50% stake in Cambay to Selan for $14 million in total. It received the initial payment in August. Full-year revenue from gas and oil sales totals A$292,179, down from A$638,457, which Synergia said reflects its reduced production share following the Cambay farm-out. Net assets total A$19.0 million as of June 30, up from A$10.0 million one year prior. Looking ahead, Synergia says completing the Cambay sale remains a key priority, after which it plans to ‘reset its strategy’ and focus on carbon capture and storage development, and to ‘explore new opportunities aligned with shareholder value creation’. Intends to return part of the sale proceeds to shareholders. Current stock price: 0.020 pence, up 2.6% in London on Tuesday 12-month change: down 75% Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
