grahamc58 I think you will be kicking yourself for selling GGP by Tuesday. All indications are of the predicted oil/gas find that was hoped for... and that means a lot higher than both shareprices and would explain people getting set on Friday for a good 10:1 success punt...
From what I hear they hit some some decent oil/gas, but needed to do testing to quantify the flow and size of oil/gas hit over the weekend.. I would expect news today/tuesday on the results and am very interested to see what they actually got...
this was a production well that was twinning a previous drill that lost control.... they know there is oil and gas there, it was a question of whether they could get a producing well out of it....and it's a production setup so early tie in this year for income for all participants......
NEO has plenty of cash, it has earnings in Q4 08 from the south east lost hills gas sales and maybe here as well....not counting the extra surrounding drills they will now be doing at jumonville for upside reserves.
GGP holds 7x the value of NEO ,.....BUT GGP is 72m market cap vs 12.5M so it's almost 7x the market cap as well.
They estimate it's worth 12c to NEO, so we would expect in a bear market 1/2 that so around 6+c, which is similar to value expected from GGP of 60c....
NEO
nuenco nl
