KrisEnergy, Eni execute deed for transfer of Neon' s stake in Vietnam blocks
SINGAPORE -- KrisEnergy Ltd. (KrisEnergy), refered to the statement dated 15 April 2014 in relation to the partner update for its Vietnam contract areas, Block 105 and Block 120.
Pursuant to the default and subsequent withdrawal of Neon Energy (Song Hong) Pty Ltd (Neon Energy), a deed was executed on 11 August 2014 between Eni Vietnam BV (Eni Vietnam), 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 Limited. The deed formalises and effects the default settlement and transfers of Neon Energy’s 25% working interests in Block 105 and Block 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%).