The increased estimate incorporates the results of the successful Crux-2 ST1 well completed recently.
The increase in contingent resource liquids volumes results from the higher than expected "Condensate to Gas Ratio" encountered in the sidetrack well.
The discovery of the highly productive Plover Formation has also increased the likelihood of higher than expected gas volumes in the field.
The new contingent resource liquids volumes together with the volumes calculated before the drilling of the Crux-2 ST1 well are shown in the table below.
CRUX FIELD LIQUIDS VOLUME Contingent Resource Confidence Low Best High Condensate (MMstb) @ 15 March 2007 40 55 71 Condensate (MMstb) @ 7 May 2007 45 65 85
This increase in contingent resource volumes can be attributed to two factors:
The above volumes only include that part of the Crux Field within the AC/P23 exploration permit. Additional resource potential exists to the southwest, where the Crux structure is mapped to extend into the AC/P41 exploration permit, where Nexus holds an interest of 50%.
Nexus Managing Director, Ian Tchacos said:
"Nexus is particularly pleased that the side track well results have confirmed an increased liquids content and the large intersection of the A sand as predicted, together with an additional younger reservoir sand section. The combination of these results has had a significant impact on contingent resource condensate estimates compared to those released after Crux-2.
"The increased liquids content of the gas will also have a favorable impact on recycle project production rates and resultant field economics. It is anticipated that a plateau production rate of 32,500 barrels per day can be achieved for the basis of design recycle rate of 900 MMscf/d."
Nexus Energy WA Pty Ltd is the sole participant in the permit. The Crux Field is located in AC/P23 in the offshore Browse Basin, Western Australia.
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