Neon Energy Limited confirmed the following additional information in relation to the agreed farmout of Block 120 and Block 105-110/04 (Block 105), offshore Vietnam.
The key commercial terms of the accepted binding offer as they apply to Neon are as follows:
The accepted offer remains subject to satisfactory completion of due diligence by the Farminee, and finalization and execution of a Farmout Agreement and amendments to the applicable Joint Operating Agreements, which the Company anticipates will be completed
Neon's Managing Director Ken Charsinsky commented, "We are pleased to have reached this important milestone in the development of our Vietnam acreage. This transaction provides for an expanded forward work program on both blocks through to two wells at no substantive net cost to Neon Energy. We look forward to finalizing and executing the Farmout Agreement in a timely manner, and to welcoming our new partner as we progress exploration of our Vietnamese assets."
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