What l find interesting and in some way a little reassuring, is...

What l find interesting and in some way a little reassuring, is the fact that The Bank of Scotland International division is the financier for NXS on its Longtom project, and our recent board appointment is Symon Drake-Brockman, former head of capital markets at Royal Bank of Scotland Group Plc.

There are so many wheels within wheels, too many for me to pretend to know what's going on. But l like the appointment, and l like the 100% ownership of Longtom.


Sept. 2 (Bloomberg) -- Symon Drake-Brockman, former head of capital markets at Royal Bank of Scotland Group Plc, is to join the board of Nexus Energy Ltd. after gaining a stake in the Australian oil and gas explorer.

Drake-Brockman bought 25 million shares during a placement and is expected to acquire a further 45 million in a proposed rights offer, Nexus said today in a statement to the Australian stock exchange. The purchases will give the former RBS banker a 7.3 percent stake and Nexus has invited him to become a non- executive director, the Melbourne-based company said.

Nexus is selling shares to help finance development of the A$315 million ($260 million) Longtom gas project in Victoria state after construction work was interrupted in July by a contract dispute over a diving support vessel. AED Oil Ltd. agreed in May to buy a 50 percent stake in the venture.

The explorer sold 96.8 million shares to investors at 32 Australian cents each to raise A$31 million, it said. Southern Cross Equities Ltd. and Azure Capital Pty Ltd. were co-lead managers of the sale. A further A$43 million will be raised selling shares to current shareholders, Nexus said.

Nexus fell the most in almost three weeks to settle at 35 Australian cents, the lowest since Aug. 13. This compares with the 1.7 percent decline in the benchmark S&P/ASX 200 Index.

Stake Value

Drake-Brockman may spend as much as A$17.9 million buying the placement shares at 32 cents apiece and the rights offer stock at 22 cents each, Nexus said.

Conrad Clauson, executive chairman of Viking Oil & Gas International Ltd., will also be invited to join the Nexus board following completion of the rights issue, the company said. The appointments will “provide greater access to international opportunities and finance,” Nexus said. Viking currently owns 14.6 percent of Nexus.

Drake-Brockman left RBS in February to focus on “other opportunities,” the bank said, after serving as head of capital markets at RBS since July 16, 2001. Drake-Brockman is based in the U.K. and isn’t planning to relocate to Australia, said Jodie Phillips, a Melbourne-based investor relations manager for Nexus.