From an April 2011 NXS Presentation:
Use of capital raising proceeds
1 Restructure of the existing Longtom debt facility - $70m
2. Crux costs to FID – fund the Crux liquids project through to Final Investment Decision this calendar year - $20m
3. Longtom South – pursue targeted drilling strategy at Longtom South – a 100% owned major gas development prospect with mean unrisked prospective resources of approximately 200bcf - $29M
Total uses of net proceeds - $119m
Looking at the cash flow reports in the 2012 report, it looks like most of these proceeds went to repaying debt and finance costs over 2011 and 2013.
Looking at the 2010 balance sheet NXS had borrowings of $290M as at 30 June 2010. As at 30 June 2013 those borrowings had been reduced to $146M - a $144M reduction.
Looking at the cash flow projection in ME's Sept report which forecasts a total $165M in equity funding, debt restructure or asset interest divestment over the 3 years to June 2016, they project Net Debt will fall from $135M as at June 2013 to $26M as at June 2016.
Consequently the main use of raised funds appears to be needed for the interest and repayments on the high level of debt that existed 3 years ago.
Regards
SP
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