crux igv calc's

Hi All

Keeping it simple yet again, I've put my calc's in a table highlighting the possible Crux deal as indicated by the media releases over the last couple of days (Bloomberg & The W'end Australian) & the high vol. traded on friday (~47.2 mil).

There are 3 key points worth noting,

1) We know NXS owns 85% in Crux (in block AC/L9) with 64 mmbbls net reserves & ~64 mmbbls net for Auriga & Caelum.

2) They may b looking at sharing a further 34% out of this 85% & thus retain a majority 51% control. Osaka Gas retain the other 15% for now.

Depending on how Mr-T has played his cards, this figure of 34% is what I've used as an upper estimate in my calc's.

3) Mr-T also mentioned in June, after the 'LT sale to AED' that IGV for Crux was 3-4 times more then that of LT. Now, LT metric was A$4.8/boe, which put a value of A$310m for 64 mmbbls & NXS sold 50% to AED for $155m. Based on this, I've used $15/boe for Crux & a 50% value of this, for Auriga & Caelum fields, although NXS mayb valuing these 2 at the same multiple as Crux.

One could use a range between $10/12/15/18's for this sake, however I've used $15/boe & $7.5/boe.

Based on the above points, here's the table. IMO, sell-off anywhere between 10-34% of Crux or the combined 3 fields within AC/L9, should give NXS a much wanted cash injection to bring this field online in the future & drill further wells.

Just my thoughts for now.