Hi Burratipi.
I am not sure that I have the complete answer for this question of yours ... "I haven't worked out why the GGP directors have taken such an interest in neo, after all, why not just leave the 6% odd Bulls Eye interest in GGP?"..... however, I will give you my view.
First point is that there is nowadays a very strong link between GGP and NEO. That link is Mark Freeman.
Mark Freeman was appointed Executive Director of NEO back about April 2008 after Anthony Kain resigned as Managing Director.
Mark is also a Director of GGP and held a more senior role in GGP till appointed to NEO.
Second main point is that because of that connection there was obviously opportunity to get a leg up from GGP activity. NEO was needing a boost and by getting a share into Bullseye that gave it the chance to offer several "potential" wells to be drilled in 2009 with Bullseye already spudded.
I don't think that GGP was necessarily interested in NEO's Californian acreage. It was just a case of a mate helping a mate. Better to help a friend along than see him struggle and fail.
As is likely to be proved the helping hand from GGP has proved to be a turning point in NEO's fortunes and has given it a fairly strong cashflow which is about to increase (I would think) and given it a bit of breathing space while waiting for its othe projects to get ttraction and get underway ..... hopefully early 2009 (Guijarral Hills #1 and other drilling at SELH)
NEO
nuenco nl
