On the Table: Nexus Extends Sale Process for AC/P23, Crux


Crux Field, AC/P23
(Click to Enlarge)

Nexus previously announced on October 7, 2008 its intention to run a global sale process for an interest in the AC/P23 exploration permit, including the Crux liquids project, in the Browse Basin, offshore Western Australia. Nexus owns 85% of the Crux liquids rights, for which
Production License AC/L9 has since been offered and accepted over the former AC/P23 exploration permit.

Nexus provided an update to shareholders on January 23, 2009 (in its quarterly report), noting that indicative offers had been received with the expectation of a further announcement by the end of February.

By way of further update, Nexus is currently dealing with a number of parties who are engaged in the sale process, with expressions of interest across a range of potential transactions. However the process is taking longer than anticipated. The delay has been due in part to the effects of the global economic environment as well as the requirement of companies who entered the sales process more recently for additional time to consider submitting offers. Accordingly Nexus is extending the process, to ensure the best possible outcome, and will provide a further update no later than March 13, 2009, when it is due to release its financial results for the half year ended December 31, 2008.

In addition to the above Nexus is also pursuing complementary or alternative asset transactions including the potential sale or farm-out of Nexus' remaining 15% interest in the AC/P41 exploration permit as well as various potential financing transactions. Nexus also continues to
manage its contractual obligations to defer and reduce cash outflows and increase flexibility, including drilling schedules and rig utilization.

 

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