share holder update - items we are waiting on, page-2

Hi Move,

Shareholder Update - 21/12/11

Crux commercialisation
1. Nexus remains on track for a Final Investment Decision (FID) for the first quarter of 2012 (ON TRACK? WAS MEANT TO BE LAST YEAR?) and the timeline of first production in accordance with terms of the AC/L9 production licence

I read in one of the presentations that the Govt will accept substatntail progress which suggests that CRUX will not be in production until 2015.

4. Nexus has received from Shell an offer for the Crux joint venture partners to extend the Crux liquids project handover option exercise date to the 31 March 2012 (previously 31 December 2011).
Shell's offer allows for the handover date to be extended from 31 December 2020 to 31 December 2023 at the election of the Crux joint venture partners by 31 March 2012.
SO WE EXPECT CRUX JV TO BE MADE 31st March 2012 NOW?

The market didnt like the cost of the extension the first time around as it was considered expensive, and a cost incurred only by NXS sheer lack of urgency. It does not make sense that Shell will simply grant an extension at no additional cost / side deal. Very suspect.

5. Longtom Gas Project
As presented at our recent AGM, the less than expected performance of producing wells Longtom -3 and Longtom -4 has led to an extensive review of the field to identify further development opportunities to satisfy Nexus’ obligation under the Gas Sales Agreement.
A full reserves audit is now due in March 2012.

A basket case. It would be so easy to share with us that they propose to drill either LT 5 or LT West, but not even a hint they are making progress. Glad they used the words contract oblogations. This confirms that its a liability.

5. Chief Executive Officer
Nexus is investing considerable resources to ensure a high quality appointment and the company remains confident of announcing a new Chief Executive Officer in the near future.
Michael Fowler said, “We are pleased with the level of interest received to date and the detailed process undertaken and both Ian Boserio and myself are confident that the process will conclude shortly"
SHORTLY? WHAT DOES THIS MANAGEMENT THINK SHORTLY MEANS?
BEFORE OR AFTER A CRUX DEAL?

Now this is truly amazing. THey should have set a date to announce the new CEO to drive it to a close, but instead the company continues to flap in the wind. This is not an auction.

I have a funny feeling Fowler is going to do a Phil Green (of Babcock and Brown) on investors. Give guidance of a on-target profit and the company will be gone in months. Funny, Phil Green followed the B&B assets and is still making money from them. Fowler looks to be stripping this company and lack of announcements keeps them from getting in trouble with ASIC.