Shares in Neon Energy Limited (ASX:NEN) have jumped in morning trade after the oil and gas explorer released its latest drilling update.
Drilling has been conducted at the Cua Lo-1 exploration well, offshore Vietnam, to test the Cua Lo has prospect.
Managing Director Ken Charsinsky told FNN the critical aspects to this well were establishing the company has earnable deliverable gas and Neon Energy is encouraged by the results so far.
Commenting on this morning's share price rise Mr Charsinsky says the share price has languished a bit amid a slow news flow but the market is starting to get back to where it probably should be and it is early days for the company.
Shares in Neon Energy had climbed more than 15 per cent this morning to $0.295.
Neon Energy booked a net loss of $2.6 million in the first half of the 2013 calendar year.
