Neon Energy Finds Oil, Gas Prospect Offshore Vietnam

Neon Energy's ongoing evaluation of the 3D seismic data located within the company’s offshore Vietnam Block 120 has found a new oil and gas prospect.

The 500 km2 3D seismic programme, completed in mid 2012, was designed to delineate prospects in the vicinity of the 120-CS-1X well, the company said.

The exercise has also revealed an additional prospect, Ca Ngu, which together with Rua Bien and Ca Lang is a candidate for drilling of the first exploration well.

The three primary prospects within Block 120 are now regarded as prospective for both oil and gas. In the event of a gas discovery the Block 120 Production Sharing Contract provides for a higher contractor profit share of gas than for oil, thereby supporting development economics.