seven months on

On March 9th NXS went into a trading halt, last trade at .38 cents. We sat and waited whilst funding negotiations came and went. Crux suitors appeared reluctant, if non existent. Longtom was being pushed out further and the global financial crisis was really biting.

Then on July 6th, NXS advises that the offshore construction work for the Longtom gas project had been interrupted. The delays are the result of the demobilisation of a diving support vessel due to a contractual dispute. The likeliness of securing another vessel anytime soon was grim. Questions and rumours surfaced regarding funding inadequacies

Seven months on, oil is trading at nearly $80 pbl, the Dow is over 10,000, the ASX is nearing 5,000. Longtom connection is complete, gas flow due this week all with 100% ownership. Multiple interested parties in Crux project have surfaced, where we now have the financial security to negotiate decent farmin arrangements. Add two new board members with vast experience in investment banking and private equity investment and sured up financial security and l reckon you could say that at .39 cents, the shareprice has some serious adjusting to do.

In terms of market value, we are at the bargain basement level right now.