California: Neon secures new lease at North San Ardo

Neon Energy Ltd., Perth, has secured a 100% working interest in a lease adjacent to North San Ardo field in California’s Salinas basin that the company said may contain an extension of the field.

The Glau Lease lies between the company’s Lombardi lease, on which the field is located, and its Pancho Rico lease. Glau is lightly explored with one stratigraphic test well and limited seismic. The strat well confirmed the presence of movable oil in the reservoir interval that produces at North San Ardo, and the available seismic suggests that the field may extend into Glau.

The eastern part of Glau has additional exploration leads, and as the petroleum system is well proven in the area Neon is confident that valid structures will offer relatively low risk exploration upside to compliment the field’s production.

Neon has begun preparations for a 2D seismic survey that will delineate targets on the Glau and Rancho Rico leases for a drilling campaign that would start in coming months. Exploration success on these leases would provide the company with incremental reserves, production, and revenue to offset the field’s natural decline.

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