Enovation gains offshore Vietnam interest

The Vietnamese government has awarded Enovation Resources exploration block 105-110/4 in the Song Hong basin offshore Vietnam.

Offshore staff

HAMILTON, Bermuda -- The Vietnamese government has awarded Enovation Resources exploration block 105-110/4 in the Song Hong basin offshore Vietnam. The block is 35 km (22 mi) west of the producing Dong Fang and Lee Dong gas fields in Chinese territorial waters.

According to the company, geological and geophysical data within, and adjacent to, the block demonstrates the presence of a thick sedimentary basin, proven to be capable of generating hydrocarbons. The joint partners have identified several leads and prospects.

The 7,192-sq km (2,777-sq mi) block is in water depths from 20 m to 50 m (66 ft to 164 ft). Enovation will hold a 10% participating interest in the block. Operator Neon Energy holds the remaining 90% interest.

The block 105-110/04 production sharing contract has an initial four-year term during which Enovation must acquire 2D seismic data and drill at least one exploration well.

02/22/2010

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