Nexus Nabs Exploration Permit Offshore Western Australia

Nexus has been granted exploration permit WA-424-P, in the Browse Basin, offshore Western Australia. This further strengthens the company's position in a rapidly growing gas basin in offshore Australia.

WA-424-P is a large permit, located on the southern edge of the Browse Basin with proven oil and gas potential. The oil potential was confirmed by the non-commercial Gwydion oil field in the northern part of the permit, which was drilled in 1995 by BHP Petroleum. Nexus plans to test a large stratigraphic play concept targeting Jurassic aged reservoir sands south of the Gwydion field. The first three years of the work program include geotechnical studies plus one exploration well in year two.

The company intends to continue to pursue its successful strategy of acquiring prospective acreage at large equity interests and securing funding via farmout. Nexus believes this approach is particularly relevant in the current financial environment.