Synergia reports positive progress at Cambay India

Synergia Energy updated the market on its Cambay India operations on Monday, reporting that the C-77H well was still producing on a consistent plateau.

The AIM-traded firm said gas rates were currently between 255 million and 275 million cubic feet per day.

Gas production was being sold at the government-regulated price of $8.57 per million cubic feet.

In addition to the C-77H gas condensate, oil production from the C-19z, C-20, C-63 and C-72 wells had now restarted.

“Although the newly reopened oil wells are experiencing ‘flush production’ - the higher rate normally experienced when wells are brought back online - currently an aggregate of 50 barrels of oil per day including condensate is being produced,” the board reported in its statement.

“The oil is being sold at Bonny Light average pricing.”

It said that in October, 893 barrels of oil were sold at $78.80 per barrel.

At 1203 GMT, shares in Synergia Energy were up 10.53% at 0.11p.

Reporting by Josh White for Sharecast.com.