The problem with these scenarios guys IMHO is that NXS will have...

The problem with these scenarios guys IMHO is that NXS will have to find $20 to $25m between April and June to fund it's share of drilling Auriga and cleaning up the previous Crux wells.
Sedco may not even have been heard or adjudicated on by then, appeals process if required can carry this on for years so really it and the possible cash loss if any is irrelevant short term I acknowledge that corporates don't like launching takeovers for companies subject to significant legal action but in NXS case at 7c a loss is well and truly factored in.
IF KS makes an appearance to "save" us then we know that we have been screwed the last year and why "they" were appointed. A new GSA that deliberately re profiles production rates lower when we require cash is Galling, particularly in the background of LDM presentations that Equity would not be required in the 12 months. I will be holding them to that statement with legal action to recover losses should they deviate.
Even a 1 for 1 issue to existing shareholders and hence no dilution if everyone can participate does nothing, at 5c it only raises $65m which is nothing in the scheme of things. $20m working capital, $20m Auriga, hopeful $25m settlement of Sedco, the money is gone and still $145m debt, $100m needed within 1 year for LT etc etc.
They have been offered a deal on Crux/ES, they need to realise that their Bluff "has been called" and go back and get a sale done.
There simply is no other answer, as I wrote the other day No Other Action Does Enough, every counterparty on Crux knows that NXS have no money, so the price will get cheaper and cheaper on desperation.
Even success at Auriga whilst adding economic value to the project may not translate to a significantly higher deal price, they are playing a high risk game