The NEN vs HDR comparison reminds me of the reason why I invested in Neon; the people.
Pulled this from my research database - mix of conversations and artefacts.
Alan, our chairman, did his PhD in seismic interpretation. While not a lesser job, he was actually offered a role as a mudlogger but chose further study to earn the Dr Alan Stein title.
His thesis suggested a number of revolutionary things across the UK geological setting and due to this he was introduced and subsequently sponsored by Peter Dolan who owned Dolan & Assoc consultancy (a geo-physics type shop). The consultancy had global reach, and one of the jobs meant Alan had to relocate to Perth ~1992. On one such job Alan was introduced to Ted Ellyard from Hardman. Ted proposed that Alan or the consultancy exchange equity in the company for the consult-service; basically interpreting the seismic maps. At that time HDR didn't have the funds to pay for such services. Armed with the technical knowledge and skills, Alan must of been pretty excited as Ted came to him with the Mauritania maps.
Anyway, Alan and a number of the consultancy crew left (including Dolan) the consultancy business and started up Fusion oil & gas housing the HDR stake from the equity exchange. The company owned or was pursuing a number of other assets in Africa so they floated it in London to fund the development. Unfortunately they were bought-out by Sterling Resources in a very opportunistic takeover - something they didn't want at the time.
Alan saw the potential of the Chinguetti drill and wanted to be involved. He saw the same features in a SE Asian database that he subsequetly came by and wrapped up into a private company called Neon Energy Pty Ltd ~2007. Still based in Perth, and on the verge of signing Block 120 in consultation with the Vietnamese government there was an opportunity to back-door list via the reverse takeover of SAE or Salinas. He needed to list to develop 120 and the subsequent block (105) which was still under negotiation. Deal done ~2009.
Obviously more happened in the background i.e Ophir Energy, but this is how I see the Hardman and Neon connection.
We are almost there. Testing will complete next week, so we should be able to collate the required datapoints for an announcement no later than 22nd-23rd. I'm pretty excited.
Also watch out for who is introduced to the NEN register once Ken & co return. Alan knows all the bigwigs in the game personally - he brought the Mittals in, he brought country oligarchs. Very well connected. He aint gonna ask these guys for capital if he doesnt have an asset to back it up. Think about it.
NEN Price at posting:
34.5¢ Sentiment: Buy Disclosure: Held
