Neon Energy Limited, an emerging petroleum exploration and production company listed on the Australian Securities Exchange has accepted a binding offer from a third party to farmin to Block 120 and Block 105-110/04, offshore Vietnam.
Due to confidentiality obligations Neon said it was not in a position to provide a detailed summary. However under the agreed terms the farmout will deliver an expanded work programme in both blocks with no substantive cost to Neon, with the Company retaining a material working interest. The offer remains subject to finalisation and execution of a Farmout Agreement, which the Company anticipates will be executed during the first quarter, 2012.
The agreement will be conditional upon the usual approvals required from Petrovietnam and the Vietnamese Government.
[mappress] Offshore Energy Today Staff, January 16, 2012; Image: Neon Energy Limited