Indonesia exit: Neon out of PSC
Neon awarded first Australian permit
14 May 2014 02:41 GMT
Lights out for Neon
05 May 2014 11:01 GMT
Neon sheds in California
10 April 2014 01:36 GMT
20 June 2014 01:52 GMT
Australia-listed Neon Energy submitted a formal offer to pay all of its outstanding cash calls for a recently-acquired seismic, in return for KrisEnergy allowing the company to remain in the PSC.
KrisEnergy chose not to accept the offer and has given up its 42% working interest in the PSC, which gives the company a clean slate without any further liability.
The company issued Neon a notice of withdrawal when Neon failed to pay $1.3 million in cash calls.
Neon made a “good faith” payment of $300,000 to try and appease KrisEnergy, but this was not enough.
The balance was set to be paid once the company completed the sale of its Californian assets.
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