i went to another agm, page-17

Hi Rafish, Kwaidan and others....

I attended the AGM and I asked a number of questions through the Chairman during the public part of the meeting. Unfortunately I was unable to stay and talk informally with management and meet the new board members as we were invited to do. I have however, done this before and it is true that one can gain comfort in relation to one's investment by attending the AGM, meeting management and even more importantly keeping in contact between AGMs.

Having said all of the above, and while accepting that the answers that were given to questions from the floor were dealt with politely, I went away without feeling much reassurance as to the prospect of a deal being done on Crux within at best 3-4 months. Moreover, when I did ask a direct question in the public forum as to a status report on the Crux farmout, there was no mention of numbers of parties in a dataroom or for that matter anything else of consequence. Rather it was stated that the "likely" participants in the past included state owned oil companies that were described as too slow moving to be serious contenders given time constraints to deliver early FID outcomes (I am paraphrasing here). IT went on to state that a preferred style of participant would be a more nimble large independent.

What was stated in the public forum left observers like myself with little encouragement as to any timely outcome in my opinion. In an earlier response from IT it was confirmed that failure by NXS to deliver a liquids deal would render the ultimate development timetable entirely up to Shell with consequent issues of competing under its internal project resourcing constraints.

The fact that other parties who attended the meeting were able to glean more valuable insights and confidence through behind the scenes discussions not subject to public scrutiny at, of all things an AGM, is somewhat of an indictment of the process if you ask me.

regards
DF