Synergia Energy Limited (AIM: SYN), an oil and gas company with a 50% working interest in the Cambay PSC in India, has announced a delay to the planned C-79 new well spud date. The drilling unit assigned to the project, operated by DEEP Industries, is currently deployed with ONGC in Assam, leaving no firm mobilisation date available. The revised spud estimate from joint venture partner and operator Antelopus Selan Energy Limited (ASEL) is now February or March 2027, pushed back from a previous estimate of late November 2026.

Key Points

  • Synergia Energy Ltd (AIM: SYN) holds a 50% working interest in the Cambay PSC in India
  • The planned C-79 Cambay well spud date has been revised to February/March 2027, delayed from the previously indicated late November 2026
  • The delay is attributed to the DEEP Industries drilling unit currently being assigned to ONGC in Assam with no firm mobilisation date confirmed
  • Investors should watch for further updates from operator ASEL on drilling unit availability and a confirmed spud date

DEEP Industries Drilling Unit Deployment at ONGC Assam Behind Cambay C-79 Delay

The principal cause of the delay, as stated in the 4 November 2026 announcement, is the unavailability of the DEEP Industries drilling unit that has been assigned to the C-79 well programme. That unit is presently working for ONGC in Assam, and ASEL has confirmed no firm date exists for its mobilisation to the Cambay site. This represents a material change from the timeline communicated in Synergia's RNS dated 1 October 2026, when ASEL had indicated a late November 2026 spud date as its estimate.

Synergia and ASEL Reach Broad Technical Agreement on Eocene Target and Fracking Programme

Despite the scheduling setback, the announcement states that Synergia and ASEL have reached broad agreement on the technical aspects of the C-79 well. This includes alignment on the Eocene well target, the overall well programme, and the fracking programme intended to unlock production. The Cambay basin is a known hydrocarbon-bearing region in Gujarat, India, and the Eocene formation represents the targeted reservoir interval for this new well. The company did not disclose expected production volumes or cost estimates in the announcement.

Synergia's Cambay PSC Position and Operator Dependency as a Key Project Risk

Synergia holds a 50% working interest in the Cambay PSC, with ASEL acting as operator. This structure means Synergia is dependent on ASEL for operational decisions, drilling scheduling, and third-party contractor management, including the engagement of DEEP Industries. The delay illustrates the execution risk inherent in non-operated joint venture positions, where the working interest partner has limited direct control over drilling timelines. The company stated it will provide a further update as soon as ASEL supplies additional information on C-79 timing.