why so cheap

The most significant reason for the poor SP has been the previous boards incompitance and missmanagement of the share holders assets.
Delays with long tom, convoluted and complex deals with farm out agreements surrounding CRUX and indicision as to how to procced with the CRUX developement have seen the SP decimated as a vote of no confidence in the previous board.
It has been evident that the previous board was both inexperienced and uneducated in the oil and gas field and there for created a feeling of great uncertanty as to the real future direction in which NXS was headed.
TRUTH IS WE ARE PROBABLY VERY LUCKY THE COMPANY DID NOT GO BUST.
I believe and so do other long term holders that confidance in NXS by investors will only return when the new board has established itself as a credible alternative, and can drive the company foward with proven outcomes, not the pipe dreams of the previous board.

Hope this helps, but reality is Fowler and his mates kicked the dog so many times in the past that it is going to take a while for the dog to trust its new owners.