Selan Exploration Technology Limited has informed the Exchange about General Updates
ANTELOPUS · price
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Selan Exploration Technology Limited has signed a Heads of Terms (HoT) with Synergia Energy Limited to acquire the remaining 50% Participating Interest in the Cambay Field. Selan already holds 50% interest with operatorship since July 2024; this deal will give it 100% ownership and full operational control. The company will pay US $0.5 million initially, US $6.5 million after finalising the Sale and Purchase Agreement and obtaining Government of India approval, and US $7.0 million on the first anniversary of approval. The HoT grants 180 days of exclusivity to finalise the SPA. Upon completion, Selan will be relieved from existing carry obligations of US $10 million and production bonuses of up to US $9 million under the earlier Farm-out Agreement.
This is a value-accretive deal that gives Selan complete ownership and unrestricted operational flexibility over the Cambay Field, enabling better resource monetisation. Net cash outflow is moderate since the company is also freed from prior carry and bonus obligations, supporting long-term growth for shareholders.