crux update

A JV meeting with Osaka Gas was scheduled in late March based on this extract from the March Half Yearly Roadshow on Crux:-
-Finance negotiations on track
-Preferred contractor arrangement on track subject to farm-out parties approval
-Crux extension and documentation has now been agreed between Shell and Nexus on announced terms but requires Osaka Gas? approval
-Nexus has signed agreements and forwarded to Osaka Gas. JV meeting scheduled for late March 2011
-Concurrently, Nexus is in discussions with a number of third parties to sell down up to 35% interest in Crux as well as buy Osaka Gas? interest if Joint Venture approval is not achieved.

As no announcement has been made by NXS of an outcome, due to all the turmoil in Japan ATM, the meeting has probably been deferred. O/G must have numerous local issues to deal with but it does raise the question about how this will impact on resolving this issue to allow NXS to meet it's FID by end 2011.

The market needs an update from NXS soon! Hopefully O/G will do the expedient thing and consent to the Shell option so that the agreement can be signed off.

ANZ