nxs underlying profit and cashflows, page-18

Ximing,

If you look at the change of the NXS position over the last 5 years, it is fair to say Management have stripped the company of value, increased debt and diluted share value with placements etc. As an Explorer, it hasn't drilled a well for 5 years, keeps announcing re-processing of data, change of Lease conditions etc etc... takes months/years to achieve what others can do in weeks/months. Legal disputes with Partners/suppliers etc. Expect the Re-injection pumps (cost $80m) to be sold for ~$40m, with no real questions asked.

At one stage you could put a firm price on NXS (2P Reserves) but once again, these have been diluted with the Shell deal and 'sub-surface complexities' etc etc. It beggers belief what Shell got for next to zero consideration.

The Investment Bankers will fire sale the share of CRUX, and if the PUT option is executed to meet the Jan $32m interest payment then the rest is worth zero. Lucio has been set-up for failure to absolve the Board in my opinion.

It has never been about creating SH value. No Board could survive the next AGM with these type of results. The strategy/plan seems to have changed half a dozen times.

Oh, BTW, most Directors buy prior to a collapse. Even Twiggy bought FMG recently. Dont get sucked in.

I am seriously concerned about the non-IFRS entry in the Annual Report. That says it all. BEWARE.