I recently went over my notes from IT's broker presentation he...

I recently went over my notes from IT's broker presentation he did with top end management at Patersons, and this is what he siad about Crux...

This asset is still the company maker and happy to hold 85%.Still in talks with 3 major oil companies reagrding CRUX liquids. Shell not one of the three as they only want the assets in a fire sale. Expecting a farm out WITHIN 6 months. Obviously no drilling until farm out signed. Next target is in Auriga and expecting excllent results based on Libra with a success potential of 70-80%. Expect to drill early next year. Potential for doubling of 2P reserves with success at Auriga. Success at Auriga means the whole field should have up to 8 years of steady production. Expect to extract 40-50% more utlizing Auriga and the same amount of wells as compared to CRUX on its own. Based on current 2p reserves NXS breakeven is approx $30-$35 barrel and including success at Auriga it is then down to $20/barrell.

I rang my broker again yesterday and apart from talking up the ann. he did remind me of the above and added that IT was quite ADAMANT that by years end a deal would be done on Crux.

Now with LT producing and alot of speculation that a deal will be forthcoming with ES...Crux...50% LT, one can only hope that there is no further stuff ups or delays as this, NXS, is set to slowly but surely move north, and not in leaps and bounds as it has only to fall back, but slowly build up from here.

Goodbye low 30's Hello high 40's ( and 50's and 60's...)

Regards Astro