Synergia Energy Ltd (ASX:SYN, AIM:SYN) shares fell 15% to 0.88p on Wednesday morning, bringing the gas-production company’s market capitalisation down just to £34,000.
The dip followed an update on the company's India-based Cambay C-77H gas well which highlighted cost pressures associated with the development of the well’s progressive-cavity-pump (PCP) solution.
“Since the PCP specification selection has long-term full field development implications, the company will continue its evaluation studies in order to make an informed decision prior to finalising purchase orders,” Synergia said in a statement.