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.
Offshore Energy Today Staff, January 16, 2012; Image: Neon Energy Limited