KrisEnergy Settlement of Farmin Costs, Block 120 & 105 Offshore Vietnam
Subsequent to a recent agreement and pending the final approval by the Vietnamese regulatory authority, of the farmin by KrisEnergy to Neon Energy’s Vietnam Block 120 and Block 105-110/04 Production Sharing Contracts, KrisEnergy has paid the sum of US$1.86 million to Neon. This sum represents the balance of farmin costs on the two exploration blocks, including past costs and KrisEnergy’s estimated share of Joint Venture expenses for the period 1st January 2010 to 30th November 2010.
Neon understands that the Vietnamese approval process is scheduled to complete before the end of January 2011, and will provide a further update at the appropriate time. In the meantime interpretation of the newly acquired seismic data is at an advanced stage, with a significant number of additional leads and prospects identified on each block. Neon anticipates providing an update on the Prospective Resource estimates for the two blocks during the first quarter, 2011.
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