Rick Wilkinson
OGJ Correspondent
MELBOURNE, Sept. 27 -- Nexus Energy Ltd., Melbourne, has acquired 100% of Crux natural gas-condensate field in the Ashmore Cartier section of the Timor Sea from Mogal Marine Pty. Ltd. for $10 million (Aus.) plus $2 million in shares.
The field, in Permit AC/P23, south of Skua field, has estimated reserves of 48 million bbl of condensate and 1.3 tcf of gas. A group led by Japan's Nippon Mitsubishi Oil discovered the field in June 2000.
Nexus, which is seeking partners, hopes to develop the field with a floating production, storage, and offloading vessel. The proposal calls for production of 600 MMcfd of gas, removal of liquids at a rate of 16,000 b/d to be stored in the FPSO, and reinjection of dry gas.
