Libra's Condensate Yield Increases Confidence in Auriga Prospect

Nexus has completed its preliminary analysis of samples obtained from the Libra-1 discovery well in exploration permit AC/P41 in the Browse Basin, offshore Western Australia.

The compositional analysis of the reservoir fluid samples, in combination with detailed process simulation conducted under conditions proposed by Nexus' Crux liquids project, indicates that the liquids yield (condensate gas ratio or CGR) of the Libra gas would be slightly less than the liquids yield from the Crux reservoir gas in the adjacent exploration permit AC/P23.

Further fluid analysis is being conducted to provide an improved understanding of the sampled Libra-1 fluid phase behavior. The success at Libra significantly increases the confidence of encountering hydrocarbons in the Auriga structure in exploration permit AC/P23 and Nexus' geological interpretation suggests that Auriga will be charged with a similar hydrocarbon.

As previously indicated, Libra-1 intersected a much better reservoir section than anticipated and the same reservoir section is interpreted to be present at Auriga.

The Auriga-1 well is planned to be the first drilled in the upcoming Transocean Legend program, commencing in May 2009. Auriga is within tie-back range for the proposed Crux liquids project. Nexus calculates that if Auriga is successful its inclusion in the Crux development would significantly improve recoverable reserves, at minimal additional cost, from 75 MMbbl to in excess of 100 MMbbl by 2021 (when ownership of the permit transfers to Shell).

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