interesting comments, page-23

"But is thisa simply a speculative statement; and why did not NEO issuee a notice?"

Hi bignote ! The point about the 3,000 bopd by mid 2009 is not really speculative.
They know they have at least 500 bopd production rate from the currently constrained flow while they get all the production facilities into place to handle the flow rate they think that Jumonville #1 is probably capable of.

We know from past comments about typical production rates from other wells in the area that the usual ranges between 500 to 1,000 bopd. So I would guess that since they are delivering 500 bopd under restricted flow conditions then they are expecting above that when they get it performing to full flow. So 1,000 bopd from Jumonville#1 is quite possible.

We also know that Strachan made a prediction the other day that they may well get a flow rate of "above 2,000 bopd"
That would be marvellous if it happens.

We also know from recent comments that they are going to drill Jumonville #2 well spudding about late November particularly to test the Cib Haz layer.
Then there will be a further 3 production wells drilled most likely.
So if they end up with 5 wells producing from the Bullseye prospect by mid 2009 then 3,000 bopd represents just 600 bopd from each well. No big deal I would imagine.

Now if they actually get around 2,000 bopd flow rate then we do have quite a good little earner on our hands. 2,000 bopd x 5 wells = 10,000 bopd with NEO's share @ 5% = 500 bopd which at a nett US$60 per barrel (say) = US$ 30,000 per day or nearly US$11 million a year ! What's the present market cap of NEO ???? Hee, hee,hee,hee.

Why didn't NEO make an announcement as well as GGP. Basically two reasons with the first being the main one.
First: The announcement was about GGP's share placement and the reason for the Trading Halt yesterday. So it primarily just related to a GGP matter even though as Operator of Bullseye it has a flow on effect to the other participants which includes NEO.
Secondly : Mark Freeman is the managing director of NEO but he is also a director in GGP. So he may have considered it superfluous to issue a statement as well. But the main reason is the first one