Nexus Wins Permit in Bonaparte Basin

Nexus Energy has been awarded block NT02-4 in the Bonaparte Basin offshore Australia's Northern Territory. The block covers and area of 3,555 square kilometers. The permit has been granted for a six year period and Nexus will have a 100% working interest. The permit is adjacent to the Woodside permit WA279P which contains the Blacktip gas field holding approximately 1 TCF recoverable gas reserves.

The NT02-4 permit area is a very prospective block in a world class gas province in close proximity to several significant gas discoveries including Blacktip, Petrel and Tern and is ideally located on the southern margin of the basin and near to shore and in relatively shallow water.

As part of its work commitments Nexus will immediately commence a Northern Territory gas marketing study and a Nothern Territory gas gathering feasibility study.

Securing 100% of the permit area NT02-4 further represents an ongoing strategy for Nexus of securing high quality exploration opportunities in prospective area proximal to developing infrastructure and markets. The high equity level which Nexus holds in the permit area provides the opportunity for the company to gain leverage from its technical and commercial skills by attracting joint venture participants by way of a farmin.

Nexus will continue to focus on the Bonaparte and Gippsland basins as core areas of exploration portfolio development.