Neon Energy Limited Signs Farmout Agreement With Eni SpA’s Eni Vietnam B.V.

27-Jun-2012 Intellasia | Reuters | 7:01 AM

Neon Energy Limited announced that the Company has signed a Farmout Agreement with Eni Vietnam B.V. (Eni), a wholly owned subsidiary of Eni SpA, in relation to Block 120 and Block 105-110/04 (Block 105), offshore Vietnam. The terms of the Farmout Agreement includes Neon to assign a 25 percent working interest in both blocks to Eni, thereby retaining a 25 percent working interest; Eni to carry Neon on 800 square kilometer (km2) of 3D seismic and one exploration well in Block 105; Eni to carry Neon on 250km2 of 3D seismic and one exploration well in Block 120; KrisEnergy to farmout a 25 percent interest in each block to Eni; and Eni to become Operator of the new Joint Ventures.

http://www.reuters.com/finance/stocks/NEN.AX/key-developments/article/2561894