SINGAPORE – KrisEnergy has updated the status of its Vietnam contract areas, blocks 105 and 120. Pursuant to the default and subsequent withdrawal of Neon Energy (Song Hong) Pty Ltd, a deed was executed on Aug. 11 between Eni Vietnam BV, KrisEnergy [specifically, its wholly owned subsidiaries KrisEnergy (Song Hong 105) Ltd (KrisEnergy 105) and KrisEnergy (Phu Khanh 120) Ltd (KrisEnergy 120)], Neon Energy and its parent company, Neon Energy Ltd.
The deed formalizes and effects the default settlement and transfers of Neon Energy’s 25% working interests in blocks 105 and 120 to Eni Vietnam and KrisEnergy, proportionately.
The completion of such transfers is pending government approval. Upon completion, block 105 will be held by Eni Vietnam (66.67%) and KrisEnergy 105 (33.33%), and block 120 will be held by Eni Vietnam (66.67%) and KrisEnergy 120 (33.33%).