Selan Doubles Down: Bags 180-Day Exclusivity to Acquire Full Control of Cambay Field

Selan Exploration Technology Ltd is poised to take full ownership of the prolific Cambay Field in Gujarat after securing a 180-day exclusivity window to finalize a Sale and Purchase Agreement (SPA) with Synergia Energy Ltd. The move follows a strategic Heads of Terms agreement signed on July 4, 2025, under which Selan will acquire the remaining 50% working interest in the Cambay Production Sharing Contract (PSC) for $14 million.

 

Key Highlights:

 

- Deal Structure:

- $0.5 million paid upfront upon signing

- $6.5 million due post-Government of India (GoI) approval

- $7 million payable 12 months after GoI nod

- All payments subject to applicable taxes

 

- Strategic Rationale:

- Selan already holds a 50% stake and Lead Joint Operator role since August 2024

- Full control will streamline operations and accelerate development of the Eocene gas-condensate reservoir, which holds 2P reserves of 206 BCF

 

- Cambay Field Snapshot:

- Located near Vadodara, Gujarat

- Producing since 1964; current output ~2,000 m³/day gas and 15 bbls/day condensate

- PSC valid till September 2029

 

- Synergia’s Exit:

- The sale marks Synergia’s complete exit from Cambay, citing a strategic shift and plans to return capital to shareholders

 

- Next Steps:

- SPA to be finalized within 180 days

- Transaction subject to shareholder and GoI approvals under AIM Rule 15

 

If completed, the deal will cement Selan’s position as a fully integrated operator in one of India’s most historically significant hydrocarbon blocks.

 

Source: Investing.com, Synergia Energy, SelanOil.com