Acquisitions4 Jul 2025, 04:41 pm
Selan Exploration to Acquire Remaining 50% Stake in Cambay Field for $16 Million
AI Summary
Selan Exploration Technology Limited has executed a Heads of Terms (HoT) with Synergia Energy Limited to acquire the remaining 50% Participating Interest in the Cambay Field. The acquisition, which is expected to be completed within 180 days, is a value-accretive deal that will grant Selan operational flexibility and relieve it from all obligations under the previous Farm-out Agreement.
Key Highlights
- Selan to acquire the remaining 50% Participating Interest in the Cambay Field from Synergia Energy Limited
- The acquisition is expected to be completed within 180 days, subject to the finalisation of a Sale and Purchase Agreement and Government of India approval
- The deal is valued at US$ 16 million, payable in three installments
- Upon completion, Selan will be relieved from all obligations under the previous Farm-out Agreement
- The acquisition is expected to contribute significantly to Selan's growth plans