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Neon Awarded Indonesian Exploration Block

Source: www.gulfoilandgas.com 12/8/2011, Location: Asia

Neon Energy Limited has received notification from Indonesian regulatory authority MIGAS, of the award of the Tanjung Aru Production Sharing Contract to a Joint Venture consortium comprised of the following companies: Neon Energy Ltd 42% KrisEnergy Ltd 43% Natuna Ventures Pte Ltd 15%

The Tanjung Aru block covers some 4,200km2 of the Kutei Basin, offshore eastern Kalimantan, in water depths ranging from 20 metres to over 1,000 metres. The Kutei Basin is one of Indonesia's most prolific hydrocarbon provinces, with discovered hydrocarbon resources in excess of 12 Billion barrels of oil equivalent.

The award is subject to formal acceptance by the Joint Venture consortium and subsequent execution of the Production Sharing Contract, which is anticipated to occur within the nextfew weeks. The Company will provide further information regarding the Tanjung Aru block and the associated petroleum prospectivity in due course.

Managing Director Ken Charsinsky commented “We are delighted to learn of this new addition to Neon’s portfolio, particularly as it represents a new country entry for the Company and an expansion of our exploration effort within southeast Asia. We look forward to commencing the exploration programme in this highly prospective block, and to working with our Joint Venturers and the Government of Indonesia”.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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