Timber7, Neon ran a data room for about 6 months in the UK with the recent 2D data and the archive material. That was what led to the Eni contract. No doubt Eni would have undertaken an extensive due diligence which is normal for these sorts of projects.
The 2D seismic Neon commissioned was extensive and because of an excellent weather window the quality of the data was as good as it gets.
Note that Exxon nearby choose to drill 3 wells on 2d seismic alone. They got 2 out of 3 so heres hoping our 3d seismic gives us even better odds.
NEN Price at posting:
19.0¢ Sentiment: LT Buy Disclosure: Held
