Company News Summary
Neon Energy Provides June 2012 Quarterly Activities Report
Original announcement: Quarterly Report June FY12
Neon Energy provided its June 2012 quarterly activities report, reporting a farmout of Vietnam Blocks 120 & 105 to Eni Vietnam B.V. (a wholly owned subsidiary of Italian supermajor Eni SpA) for a carried 3D seismic program and one well in each of the blocks; also the completion of Vietnam 3D seismic acquisition programmes is ahead of schedule. Contingent Resources confirmed for multiple pay levels at Paloma oil & gas discovery; also extension of Paloma-1 discovery confirmed by Paloma Deep-2 appraisal well with new, deeper zone of interest identified by log analysis. A gas discovery at Paloma-3 well, testing for commercial viability is ongoing; as well as increased working interest in Paloma project. Cash on hand 30 June 2012 was $11.8m.
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