I read it the same way re Crux and saw it negatively because clearly medium term they have to sell it however their statement that in effect they may be in a position to decide in the 1st qtr FY2014 is only a few months away and evened it up for me. So maybe they are just muddying the waters with the potential acquirers making it seen that they are not desperate. The recent Shell Crux deal was done at a price of $35m per 1% or the equivalent of $1.64/Mcfe. MIMI bought 14.7% of Woodsides Browse LNG project in April 12 from Woodside for $1.9b or equivalent $1/Mcfe - partners had preemptive rights that no one took up so the price appears to me to be an arms length transaction. I remember reading that PetroChina bought into BHPs Browse positions Dec 12 and that the metrics were like a 17% premium to MIMIs deal. Using the MIMI metric - NXS Crux stake would be worth $315m. So I guess it depends whether we (more importantly potential purchasers)see the Shell Put as a real number or a red herring. Likely that potential purchasers are pointing at MIMI and PetroChina deal metrics???? with NXS pointing at Shells metric?? but is it arms length??? GLTA
NXS Price at posting:
9.4¢ Sentiment: Buy Disclosure: Held
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