Nexus Updates on Q1 Appraisal, Exploration Program in Australia

Nexus Energy has provided an update on its appraisal and exploration assets in Australia for the first quarter ended in March.


Exploration activity has focused on maturing plans for potential drilling prospects, subject in certain cases to securing appropriate farm-out arrangements. Prospects include, in the Browse Basin: Auriga-1 in the Crux permit AC/L9, Fossetmaker-2 in WA-377-P (Echuca Shoals); Dusky-1 in the Gippsland Basin permit VIC/P49 adjacent to the producing Basker field; and Yngling-1 in the Perth Basin in WA-368-P.

AC/L9 (formerly AC/P23) Permit (Nexus 85%) Browse Basin, Western Australia

Production License AC/L9 was awarded in February 2009 following approval of the Crux liquids project Field Development Plan. Two near field exploration/appraisal opportunities at Auriga and Caelum have been identified as possible additions to the existing Crux field. The successful Libra-1 gas/condensate discovery in the adjacent exploration permit AC/P41 has increased the confidence of encountering hydrocarbons in the Auriga structure.

Echuca Shoals gas discovery (Nexus 66%) WA-377-P Permit -- Browse Basin, Western Australia

Additional geological studies have indicated that the Echuca Shoals Tithonian reservoir section is stratigraphically isolated, highlighting the up-dip potential for additional trapped gas. The Fossetmaker-1 well is interpreted to have intersected the gas-water-contact and detailed seismic inversion studies and an assessment of the well data indicate that the potential gas in place at the Echuca Shoals gas field within exploration permit WA-377-P is approximately 2 Tcf, with the potential for associated condensate. The geological studies also indicate the presence of a deeper exploration target in an older reservoir section which has the potential to add another 2 Tcf of gas in place.

Another well will be required to test this potential and several possible well locations are being considered. Nexus is targeting this follow-up well to be drilled later in 2009 subject to successfully farming-out the cost of the well. The farm-out process was initiated during the quarter.

VIC/L29 Permit (Nexus 100%) Gippsland Basin, Victoria

Results from the Garfish-1 exploration well and Longtom-4 development well are being incorporated into the Longtom gas field reservoir model to review current 1P and 2P reserve estimates. The outcome of this study work is expected during Q2 2009 calendar year.

VIC/P49 Permit (Nexus 80%) Gippsland Basin, Victoria

The Dusky prospect is a possible extension of the Basker oil field and is mature for drilling. The Kan Tan IV rig is scheduled to commence drilling in 2H 2010. The Tiger and Leopard leads have also been identified on regional seismic lines in the deep water part of the basin and interpretation of seismic over these leads is nearing completion.

WA-424-P (Nexus 100%) Browse Basin, Western Australia

Technical evaluation of WA-424-P has begun with the intention of farming out an interest before the commitment well is scheduled to be drilled in late 2010. Nexus plans to test the large Tristram prospect which will evaluate the potential of a Jurassic aged stratigraphic trap. The oil potential of the permit is confirmed by the small Gwydion oil field which was discovered in 1995.

WA-368-P (Nexus 50%) Perth Basin, Western Australia

Yngling is an oil prospect with a mean unrisked resource of 90 MMbbl. Nexus will farm-out equity in the permit prior to drilling the prospect.

NT/P66 (Nexus 100%) Bonaparte Basin, Northern Territory

No activity. All drilling commitments for this permit have been fulfilled.

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