at the bottom of the long term trading range, page-30

the bellpotter calculations as fol:
QUOTE
Longtom sell-down still on the cards

Earlier this year NXS agreed to sell 50% of the Longtom project for $155m to AED.However, some of the conditions for the sale were not able to be met, and NXS has
recently refunded a $35m deposit paid by AED, so it still owns 100% of the project.
The company has indicated that a sell-down is still under consideration, and we believe a much better price can be achieved as market conditions have improved substantially, and NXS is under less pressure to sell. Our DCF valuation of Longtom is $344m,
which equates to $0.90/GJ for gas reserves of 350PJ plus 4m barrels of condensate. This valuation is
arguably conservative, compared to market reserves multiples for companies like
Santos $1.34/GJ,
Arrow Energy $1.13/GJ and
Eastern Star Gas at $1.22/GJ(!).
Woodside’s reserves are valued at a premium $3.84/GJ equivalent as higher valued oil and LNG form a
much larger part of their asset portfolio.
If NXS can sell 50% of Longtom for $200m, this is equal to $0.21/share and the retention
of 50% would obviously be a positive for the share price UNQUOTE