On 23 January 2008, Nexus Energy Limited ("Nexus"), Anzon Australia Limited ("AZA") and Anzon Energy Limited ("AEL") announced their intention to merge by way of Scheme of Arrangement ("Merger").
Further to recent announcements, Nexus confirms that it has agreed with AZA and AEL to terminate the merger implementation deeds relating to the Merger.
The decision to terminate came as a result of the parties not being able to agree that revised merger terms were necessary in light of the impact of the Basker 6 and Basker 6 ST1 drilling programs on AZA's Basker oil field.
Nexus will continue to operate as a stand alone entity focusing on maximising value from its significant reserves base by bringing the Longtom and Crux projects to production. In the near term the Company's activities will include the ongoing development of the Longtom gas and condensate project, bringing the Crux liquids project to a financial investment decision and pursuing its extensive exploration drilling program including the imminent Libra-1 well adjacent to Crux.
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