MELBOURNE, Apr. 23 -- An independent review of Melbourne-based Nexus Energy's Crux gas-condensate field in the Browse basin off Western Australia has confirmed another increase in reserves.
The review, by Gaffney Cline & Associates, said P90 condensate estimates had increased to 63.8 million bbl this month from 54.9 million bbl in October 2007, while P50 estimates had reached 75.2 million bbl from 66.3 million bbl.
The revised estimates followed the recent successful results from the Crux-3 and Crux-4 appraisal wells, which have been suspended as future liquids development wells. Both wells intersected previously unseen, younger Montara formation gas sands overlying the older Plover and Nome formation sands intersected in the earlier wells.
The confirmation provides a positive spin on the potential of nearby Libra and Auriga exploration prospects. Libra-1, in AC/P41, is to be spudded next month and will be followed immediately by Auriga-1 in AC/P23.
Nexus hopes both prospects will form part of a much larger 'Greater Crux' accumulation.
The company says it remains on track to sanction the Crux liquids project in August.
Nexus has interests only in the proposed Crux liquids stripping operation. The company previously sold 100% of the gas rights in the field to Royal Dutch Shell PLC, which can exploit the gas reserves from 2020 or whenever the liquids have been depleted.
Nexus has 85% of AC/P23 and Osaka Gas 15%, while in AC/P41 Nexus and Shell have 50% each.