Australia's Synertec Corp gains on positive results in Queensland project

Synertec

11/10/2022 04:32

** Shares of Synertec Corp Ltd  SOP.AX  rise as much as 5.6%
to A$0.190, their highest since Sept 15 
    ** The engineering services firm receives positive results
from Site Acceptance Testing (SAT) Program with Santos Ltd
 STO.AX  for its Powerhouse technology in central Queensland
    ** Says performance of the Powerhouse System under SAT
conditions has exceeded expectations
    ** Says cutover of the system to the gas wells has been
agreed with STO and is scheduled to start this month 
    ** Says field trial is the final stage of the testing and
verification process for Powerhouse
    ** Co says it's working with STO to develop an agreed
business plan and commercial arrangement for supply, maintenance
and operation of Powerhouse by Synertec to Santos
    ** Powerhouse was installed on STO's gas well site in
central Queensland in July 
    ** Synertec stock up 121.5% this year, as of last close 
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))