GGP (ASX) down hole news

Originally posted by compaust ↑

Sorry compaust, have just caught up with HC today at this late stage.

Relationship between GGP and SGY ? Yes - well that is an interesting situation. Really there are at least 3 companies in the mix that I can identify and a 4th by default in a sense.

The 4th in default is Orchard Petroleum which was taken over last year by Crosby Investments. Now before it was taken over it was involved in a 50 : 50 partnership with Nuenco (NEO) in the South East Lost Hills shallow gas projects at Jack Hamar (wells 1-12, 1-13, 2-13, 3-13) It also had a 62.5 % : 37.5% share of another area known as Jack Hamar 1-1 and 2-1 wells with NEO.

After Orchard was taken over Solimar/Livingston Energy acquired Orchards 50% share of the SELH shallow gas play. So is presently developing that with NEO.

But several of the people previously involved with Orchard have become involved in running other companies.
In SGY :(snipped from company website page)
Mr Frank Petruzzelli BBus(Acc), FNTA, PNA
Non-Executive Chairman
(Age 44; Appointed 29/06/07) Frank was also a founding director of Orchard Petroleum Limited,He is also a director of Golden Gate Resources Limited.
Mr Chris Bowyer BCA BA CA (NZ)
Company Secretary
(Age 39; Appointed 29/06/07) Chris was the Company Secretary of Orchard Petroleum Limited which was listed on the ASX before its takeover by Eskdale Petroleum Pty Ltd in March 2007. He is an employee of MDB, an Australian accounting firm.

So in SGY there are two former Orchard connections and Frank is also a Director on GGP.
But wait there's more.....
Note also on the SGY board a Mr Craig Burton who I am pretty sure is the same Craig Burton who is the major (nearly 12%) shareholder in NEO.

Now a few months ago the previous CEO of NEO, Anthony Kain, stepped down and who was appointed ? A certain Mr Mark Freeman who is also a Director of GGP. I think he may have also been connected with Orchard Petroleum at some stage but I may be wrong on that.

GGP and NEO now share the same office building and I think even phone numbers. The receptionist usually checks to see what you are phoning about.

Yes - there is a lot of cross pollination going on between these companies. That is how NEO recently got in for a 5% share of Bullseye from GGP.

Interesting.