Neon Capital

Several WA-based juniors are working to ensure they are the ‘next big thing’ in oil and gas.

Shares in oil and gas junior Neon Energy have been smashed on the ASX after the company said development at one of its exploration wells was unlikely due to poor test results.

Shares in Perth-based oil and gas explorer Neon Energy have soared after the company booked $US27 million from the sale of exploration leases in California to an anonymous buyer.

Shares in junior oil and gas explorer Neon Energy have surged over 70 per cent on the news that the company had agreed to pay $US5.75 million to its Vietnamese joint venture partners, settling financial liabilities.

Neon Energy chairman Alan Stein has warned the company’s shareholders against taking any action towards a takeover bid it received earlier in the month.

Neon Energy may be leaving its Perth headquarters after entering into a merger implementation agreement with MEO Australia, which would create a combined entity based in Melbourne.

Oil and gas producer Neon Energy has said the result of its recent shareholder meeting gives it a mandate to pursue a merger with Melbourne-based MEO, despite receiving renewed notice that key shareholder Evoworld Corporation will call a meeting to remove directors.

Neon Energy has backed out of a merger agreement with MEO Australia after Evoworld Corporation agreed to make a revised off-market takeover offer for 50 per cent of the shares it doesn't already own in the oil and gas producer.

Oil and gas company Neon Energy has reversed its decision to accept Evoworld Corporation’s takeover proposal, after an independent expert's report found the deal to be unfair.