Nexus Energy Says First Culverin Objective Dry

Nexus Energy says the Culverin-1 well is drilling ahead at a depth of 3195 meters in 12-1/4 inche hole. The well has intersected the upper reservoir target level which is the Culverin prospect and no indications of hydrocarbons have been detected. Future operations are to continue drilling to a planned total depth of 3612 meters to test the full potential of the Scimitar prospect.

Scimitar is a prospect which underlies the Culverin prospect at the deeper Intra Latrobe level and is also defined on 3D seismic data. It is analogous to the Basker Manta fields which lie some 10 kilometers to the north and is expected to contain a mixture of oil and gas. It has the potential to contain mean oil reserves of 63 million barrels. Nexus interest is 40%.

The Culverin-1 well is located in Vic/P56 in the offshore Gippsland Basin, Victoria.

Joint Venture interests in Vic/P56 and the adjacent Vic/P49 permit areas are Nexus Energy Limited as operator with 40%; Korea National Oil Corporation with 30%; Seoul City Gas Company Ltd. with 20% and Anzon Australia Limited with 10%.

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