Nexus Completes 2 Farm-Out Agreements with Mitsui, Shell

Nexus advised that completion has occurred in respect of the farm-out agreement for a 20% interest in exploration permit AC/P41 with Mitsui E&P Australia Pty Ltd. Separately, Nexus has also executed a farm-out agreement for an additional 15% interest in AC/P41 to Shell Development (Australia) Pty Ltd. Nexus expects to complete the second farm-out in the December quarter.

Nexus' managing director, Ian Tchacos said, "Nexus welcomes Mitsui to the AC/P41 joint venture and is pleased to be extending our strong relationship with Shell. These agreements provide an important source of funding allowing us to concentrate our financial resources on the development of the Crux liquids project."

Participants following completion of farm-outs, exploration permit AC/P41:

  • Nexus Energy ACP41 Pty Ltd 15%
  • Mitsui E&P Australia Pty Ltd 20%
  • Shell Development (Australia) Pty Ltd 65% (operator)