Neon Enters Farmout Offshore Vietnam
Neon Energy Limited 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 is not in a position to provide a detailed summary at this time. However under the agreed terms the farmout will deliver an expanded work program in both blocks with no substantive cost to Neon, with the Company retaining a material working interest.
The offer remains subject to finalization 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