Selan Exploration technology (SETL) had entered into a Farm in-Farm out agreement (FIFO) with Synergia on 14th February, 2024 for transfer of 50% Participating Interest (PI) in Cambay Field PSC along with Joint Operatorship with SETL acting as joint lead operator and Synergia acting as Joint Operator.
SETL is pleased to inform that Government of India (GoI) has signed the amendment of the Cambay Field PSC confirming the transfer of 50% participating interest to Selan and also appointed Selan as the sole Operator of Cambay Field/PSC.
The Cambay Field PSC covers an area of approximately 161 Sq Km and has three hydrocarbon bearing reservoirs: MBS (Miocene Basal Sand), OS-II & III (Oligocene Sand) and EP-I to IV (Eocene Play), deposited shallow to deep. The Miocene and Oligocene Reservoirs are high porosity-high permeability reservoirs, whereas the Eocene reservoirs have low permeability.
SETL took active control of field operations on 1st November 2024 after a three month transitional period. During this time, SETL initiated a detailed technical analysis of all the data available in Cambay Field and kick started a new data acquisition campaign and a two well workover program. At the time of taking the operational control, the field had two continuously producing wells C-77H & C-73, along with a few intermittent producers like C-64,19z, 72, 20 and 63. In this campaign, SETL has collected pressure and fluid gradient data in the wells C19Z, C73, C-63, C64, and C72. Additionally, production enhancement through activation of the wells C19Z and C64 was also carried out. The new strategy for reactivation of the existing wells and perforating new zones (C70) have resulted in the average production increase from 17 boepd in September 2024 to 51 boepd in December 2024.
The pressure data collected in this campaign along with new seismic interpretation indicates that the field is structurally complex with fault compartments, leading to depletion of pressure seen in Eocene reservoirs. There are also missed opportunities in shallower reservoirs that have been identified.
SETL is continuing the analysis of this field and working with Synergia to agree on a second phase of workovers and a potential sequential drilling campaign to unlock the Cambay Field Potential.
Shares of Selan Exploration Technology Limited was last trading in BSE at Rs. 873.55 as compared to the previous close of Rs. 872.15. The total number of shares traded during the day was 1126 in over 106 trades.
The stock hit an intraday high of Rs. 879.00 and intraday low of 849.40. The net turnover during the day was Rs. 975136.00. |
