Neon not giving up on Vietnam blocks

Neon Energy has issued a statement in response to Eni Vietnam B.V.’s Notices of Withdrawal issued today to Neon Energy (Song Hong) Pty Ltd (NESH).

The Notices require NESH to withdraw from the Block 120 and Block 105-110/04 (Block 105) Joint Ventures, and have been issued further to non-payment by NESH of cash call payments to the Operator totaling US$22.1 million; costs primarily associated with drilling of the recent Ca Ngu-1 and Cua Lo-1 exploration wells.

“NESH is disputing the validity of the Operator’s actions leading up to the issuance of the Notices of Withdrawal, and remains in negotiation with the Block 120 and Block 105 Joint Venture Partners. The Company will provide further updates in due course,” Neon said in a statement.

Related: Neon withdraws from Vietnam contract areas?

 

April 15, 2014

 

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