The Paloma Deep prospect is placed within and beneath the Paloma oil field which has thus far produced in excess of 133 million barrels of oil equivalent (mmboe).
The vertical test well is designed to evaluate seven prospective oil and gas objectives, two of which are unconventional targets.
All seven zones produce either in the field or within the region, and the cumulative unrisked in place prospective resources are estimated at some 300mmboe.
Neon intends to drill the prospect for about two months to reach a planned total depth of 15,500ft, at a budgeted cost of $4.9m.
