Selan Exploration Technology Limited — Important, 19-12-2024: Updates

Selan Exploration Technology Limited (SETL) has successfully completed a significant operational transition regarding the Cambay Field. Following a Farm-in-Farm-out agreement with Synergia, SETL has acquired a 50% participating interest in the Cambay Field PSC and has been appointed as the sole operator. This PSC encompasses approximately 161 sq km and includes multiple hydrocarbon-bearing reservoirs. Since taking operational control on November 1, 2024, SETL has undertaken an extensive technical analysis and initiated a new data acquisition effort alongside a workover program.

SETL's strategic approach has led to an increase in average production from 17 barrels of oil equivalent per day (boepd) in September 2024 to 51 boepd in December 2024. The ongoing evaluation indicates structural complexity within the field and opportunities for further productivity enhancements, particularly in shallower reservoirs. The company is collaborating with Synergia to formulate plans for additional workovers and a sequential drilling campaign, presenting a positive outlook for future performance in the Cambay Field.