IN BRIEF: Synergia swings to profit but post-Cambay revenue down
Synergia Energy Ltd - Perth-based oil and gas mining company - Reports net post-tax profit of AUD5.0 million for the year ended June 30, against the prior year's AUD2.8 million loss, due to an AUD8.4 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 USD14 million in total. It received the initial payment in August. Full-year revenue from gas and oil sales totals AUD292,179, down from AUD638,457, which Synergia said reflects its reduced production share following the Cambay farm-out. Net assets total AUD19.0 million as of June 30, up from AUD10.0 million one year prior. Read More