GAS

Neon buoyed by Vietnamese prospects

NEON Energy is confident of its prospects in offshore Vietnam after operator Eni discovered oil a...

Total depth was reached at 1290m with wireline log data confirming the presence of gas in the Pliocene sandstone reservoirs and both gas and oil in the Miocene carbonate reservoir.

Early analysis of the log data indicates a 10m gas column overlying a 5m oil column in the Miocene reservoir.

While the discoveries aren't commercially viable, the partners believe they are indicative of potential elsewhere in the Block 120 permit area.

"Ca Ngu-1 represents a technical success, which has provided the Block 120 Joint Venture with valuable new information that will influence the forward exploration program within the block," Neon Energy managing director Ken Charsinsky said.

Eni is plugging the well while the partners look towards the Cua Lo-1 gas discovery well in Block 105.

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