Shares in Neon Energy Limited (ASX:NEN) soared almost 70 per cent yesterday with no official announcement ahead of entering into a trading halt in the afternoon.
The oil and gas explorer has since told the market it is in the process of a strategic review and expects to make an announcement on or before tomorrow, March 20.
Neon’s shares plunged more than 70 per cent in January after releasing the second disappointing drill test result in under a fortnight for its wells offshore Vietnam.
The company flagged the review in February and said it was looking to protect and enhance shareholder value through cost control, portfolio rationalisation and new ventures activity.
Shares in Neon Energy soared 69.57 per cent to $0.039 before entering into a trading halt on Tuesday.
Neon Energy booked a net loss of $89.5 million in the full 2013 calendar year.
