commsec is correct @ 11c, page-5

1)ES is a very difficult prospect, I was involved with it's drilling, one of those that will do your head in - it is worth $10m - sure if they can ever figure out how to get the gas out it will be worth a whole lot more but..... no one seems too eager to try.
2)Auriga / Caelum are high probability wells and if both came in would potentially double the value of Crux - I have posted many times that the better option would be to keep 15% Crux to participate in their drilling for our share $9m cost - but NXS board dont agree with me and wish to pursue the option of selling Crux so be it. If NXS sells Crux stake in the near term dont think for 1 minute in this climate that the purchaser will place a high value on their success.
3) Dec balance sheet shows payables of $7m and debt of $68m which they subsequently paid $63m early Jan. Leaves payables of $7m and debt of $5m. Payables were "paid" in Mar Qtr (interest alone around $7m) and of course seeing that the qtrls are cash based - you need to accrue something for interest alone in the June qtr and I have plugged in $3m. = est $8M payables at June 30.
4)I dont expect compensation from Santos, have given my opinion and reasons before - STO let NXS off many times before, they seem to be in the initial throws of developing a longer term relationship - on that basis has their been any damages as NXS have stated that the new deal will be more favourable - the gas they would have sold is in the ground and will be sold for higher rates down the road, neither party has raised the possibility and disclosure rules should have made them by now.
5)Conservative Crux valuation - $325m vs your min $350m is hardly worth quibbling about especially when you obmitted $58m of provisions??. Bell Potter and a few other brokers have valued 15% Crux in its current form circa $350m based on completed deals of similar metrics.
Finally my 22c didnt include upside for LT but why value NXS for 100% perfection - much more meaningful to set realistic targets and raise them as key milestones are met, I have absolute faith that LDM will deliver.