Award of Offshore Vietnam Exploration Block 105-110/04.

 Enovation Resources, an oil & gas exploration, development and production Company, is pleased to announce the award of exploration Block 105-110/4 in the Song Hong Basin offshore Vietnam. The block is located approximately 35 kilometers west of the producing Dong Fang and Lee Dong gas fields in Chinese territorial waters.

 Evaluation of available geological and geophysical data within and adjacent to the block demonstrates the presence of a thick sedimentary basin, proven to be capable of generating hydrocarbons. Several prospective leads and prospects have been identified by the joint venture partners. There is high potential for large oil and gas accumulations with structure conformable Direct Hydrocarbon Indicators, as evidenced within the seismic data, including analogues of the producing fields to the east. Block 105-110/04 is located in the central Song Hong Basin and covers an area of 7,192 square kilometers in water depths from 20 to 50 meters.

 Enovation will hold a 10% participating interest together with its joint venture operating partner Neon Energy Limited who holds the remaining 90% interest in the block.

The Production Sharing Contract between Enovation and Petrovietnam, on behalf of the Government, was signed on 5^th January 2010 in Hanoi. The Block 105-110/04 Production Sharing Contract has an initial term of 4 years during which time Enovation is obligated to acquire 2D seismic data and drill at least one exploration well.

 Enovation and Neon Energy bring together a high level of geo-technical expertise with a proven track record in exploration and production operations world-wide.

 Commenting, Enovation Resources Chief Executive Officer, Diz Mackewn said:

  "We are very pleased with this award, which represents Enovation's first exploration license in Vietnam and the company"s continuing expansion within the Asia Pacific region. This joint venture is well suited to our strategy of using advanced technologies to reduce risk and will enhance our understanding of the petroleum potential in this area. We look forward to working with Neon Energy and with Petrovietnam on an extensive evaluation of the Song Hong Basin which, we hope, will ultimately lead on to a successful drilling campaign.”     

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 Editors Notes

 Enovation Resources Limited is a technology focused, independent oil and gas exploration and production company with existing operations and exploration projects in the Gulf of Mexico, the North Sea and in the Asia Pacific region. The head office is located in Hamilton, Bermuda, with regional offices in the UK, and Singapore.