Nexus Sells Offshore Western Australian Stake to Shell
Nexus has advised that completion has occurred in respect of the sale of the company's residual 15% interest in exploration permit AC/P41 in the Browse Basin, offshore Western Australia.
The interest has been sold to and funds have been received from Shell Development (Australia) Pty Ltd for US $19 million in cash, effective March 1, 2009. The Libra discovery in AC/P41 has provided valuable information for the neighboring AC/L9 production license and the prospectivity of the Auriga structure, in which Nexus holds an 85% interest.
The sale of Nexus' interest in AC/P41 now provides an important source of near-term funding. Discussions continue on additional funding requirements packages and commitment reductions as advised recently.
Nexus is committed to resolving these negotiations as soon as possible, at which time the company will make a substantive release to the market, such that trading in its shares can resume. Nexus expects negotiations will be completed by Tuesday, April 14, 2009.
Operates 30 Offshore Rigs
- Oil's Heavy Hitters Line Up to Dive Into Mexico's Deep Waters (Jan 26)
- UK Firm Intertek Says Employee Involved in Shell Oil Theft Case (Jan 17)
- Shell Looks Beyond Road Fuels to Secure Future of Refining (Nov 06)
Company: Nexus Energy more info
- Nexus Resumes Production at Longtom-4 Well in Gippsland Basin (Mar 12)
- Nexus Updates on Plans to Divest its Crux, Longtom Assets in Australia (Feb 21)
- Santos Suspends Production at Patricia-Baleen Gas Processing Plant (Jan 14)