some broker reports, page-5

fair enough... the more I think about it, the more I think we are just in a forced holding pattern until SEDCO gets settled/meaningfully progressed, here is why :

NXS needs about $100m cash to do the next set of drilling (ref Taipan's posts - he would know, I would not , so I take his guidance)

Attempts to raise cash from a selldown of Crux or LT have failed to gain any decent bid (if not we would have heard by now)

The company is cashflow stable/positive but small $ and no way enough to fund the drilling program required.

So a CR is the most likely remaining alternative, but given the amount of cash required and the current SP and sentiment, it must be underwritten which would mean a big discount say a fully underwritten rights offer of 3 for 2 at 30% discount(at least, or a 2 for 1 at a 50% discount) to prevailing SP.

But what underwriter /investor would come in with those sort of dollars with SEDCO hanging over the company's head ? - none ! - would make no sense.

So in limbo till SEDCO is dealt with and then the big capital raising with someone with deep pockets doing the underwrite ( KS ??)... and in the meantime DV keeps an eye on thing just to keep things "to plan", LDM does what he is told and collects his paycheque, and they all say pretty much nothing because hey what is there to say ? - we are in holding pattern .