1.Share value destruction,especially over the last 3 years with...

1.Share value destruction,especially over the last 3 years with NXS underperforming the XAO by 40% plus.

XAO isn't the benchmark for energy stock.

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.

Big losses agree. There would be no such thing as a failure with the value of hindsight. At the time the market loved the idea.

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).

Poor due diligence. Mercury filtration is not an absolute necessity in all cases. Unfortunately the gamble went against NXS.

4.Prematurely entering into the drill contract with Sedco.

Why was it premature? Maybe, (and remains to be seen) its termination was premature. Sedco are not in the clear, and have blood in their hands with gulf saga. They sure like to point the finger it seems.
NXS need to tighten their contract negotiations possibly, but doesnt mean RC is the man who can do it best.
Drill contracts will be the start of many for NXS. Maybe in years to come a completely different board will have this job.

5.Rewarding the Chairman with $4.3mm over the last 2 years despite the extremely poor performance of NXS.

How much is the is the overpayment in your view?

6.Failure to secure the Crux development necessitating the negotiation of an expensive extension from Shell at a cost of $30mm.

"Failure" - remains to be seen. A number of people are involved it seems to get their hands on a piece of Crux for cheap.


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

RC - remains to be seen
Longtom - No credit for execution on longtom from me.