Here are a few reminders of what this Board has...

Here are a few reminders of what this Board has achieved:-

1.Share value destruction,especially over the last 3 years with NXS underperforming the XAO by 40% plus.
2.Loss on sale of investment in Anzon/Roc shares of $89.8mm. These funds would comfortably have paid for 2 exploration wells, 1 in Crux & 1 in Echuca Shoals which would have made these assets more valuable and easier to now farmout.
3.Lost production from Longtom of 6 months estimated around $15mm as a result of the Board's failure to insist on the Mercury filter being installed. (I suspect that there must have been compensation payable to Santos as well).
4.Prematurely entering into the drill contract with Sedco.
5.Rewarding the Chairman with $4.3mm over the last 2 years despite the extremely poor performance of NXS.
6.Failure to secure the Crux development necessitating the negotiation of an expensive extension from Shell at a cost of $30mm.

I will give them credit for 2 things. Firstly, securing RC as CEO and finally & belatedly completing Longtom.

On my assessment they have not earned the right to stay on so I'm backing RC and sacking the Board.

ANZ