Independent Resources Estimates Favorable for Longtom Project

Gippsland Basin, Bass Strait
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Revised contingent resource estimates of Nexus Energy's Longtom gas/condensate field in Bass Strait have been confirmed at 435 petajoules (PJ) of gas and 5.2 million barrels of condensate by international consulting firm Gaffney, Cline and Associates.

The new contingent resource estimate is expected to allow proven plus probable reserves of 350 PJ of gas and 4 million barrels of condensate to be booked to the project. This reflects the sales volumes currently contracted to Santos from the Longtom field, subject to achievement of certain project milestones and government approvals.

The revised contingent resource estimates for the various confidence levels, are in line with Nexus' expectations reported following the Longtom-3 well.

Nexus expects to make a final investment decision on the development of the Longtom field in the near future. The Longtom gas project development plan is now complete and a production license submission is expected to be submitted to the designated authority before the end of march 2007, with a view to securing all necessary government project approvals by mid-2007.

Nexus has made significant progress on securing project finance and evaluating tenders for equipment and services for the project and is in the process of issuing letters of intent for all major contracts. We expect financing for the development to be finalized shortly.

Gas and Condensate Contingent Resource Estimates for the Longtom Field
Low Estimate Best Estimate High Estimate
Contingent Sales Gas
Resources (PJ)
173 435 842
Contingent Condensate
Resources (MMstb)
2 5.2 12.9
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