NORTH SAN ARDO DEVELOPMENT DRILLING
Further to completion of a A$26 million capital raising as approved by shareholders at a General
Meeting held on 20th April 2011, Neon Energy is pleased to announce commencement of a two well development drilling programme on its 100% owned North San Ardo oil field, onshore California.
The Lombardi 20-27H and Lombardi 21-27H horizontal production wells will be drilled back to back, targeting the southern lobe of the field. These wells are anticipated to significantly increase production at a time of strong oil prices.
The two well programme is budgeted at US$1.6 million, and the wells are each expected to take two weeks to drill, complete and commence production. The Company will provide further information as and when initial production rates become available.
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