major shareholder expresses concern, page-12

Thanks Ya & TPN for your posts on this matter.

Presumably Osaka, who if memory serves me correctly held 3% at the time of the drills, are laible for their share of the costs (but maybe not in view of past incompetence). Nonetheless, $15mm per well for P&A seems a substantial cost that presumably could have been mitigated if dealt with at the time of completion.

Typical of NXS to cut corners where it counts (eg. no mercury screen at Longtom) and spend up big (eg. spending big on long lead items before funding the project or giving a golden hand shake) when it was not justified. Frankly a list of bad/appalling and unjustified decisions made by management over the years would be long and painful to review but good management decisions, well I struggle to think of one ATM.

ANZ