In theory polyethylene should be better than neoprene, as neoprene is better for permanent seals and polyethylene for seals that will keep being broken. It's definitely oil resistant. So the question is more about the mechanical properties (does it squish into the right shape OK when the clamp is put on?)
I've got several drums with 10mm neoprene in service and they are absolutely fine. Just have to see how the new stuff goes.