Nexus awarded Browse basin exploration permit

Nexus Energy Ltd., Melbourne, has been granted an exploration permit on the southern sector of the Browse basin off Western Australia.

Nov 17th, 2008

Rick Wilkinson
OGJ Correspondent

MELBOURNE, Nov. 17 -- Nexus Energy Ltd., Melbourne, has been granted an exploration permit on the southern sector of the Browse basin off Western Australia.

The award was for 100% of Permit WA-424-P, which lies south of its existing holdings at Permit WA-377-P (Echuca Shoals discovery), AC/P23 (Crux), and AC/P41.

Nexus says the area strengthens its position in a basin that is growing rapidly in importance as an oil and gas resource region.

WA-424-P has proven oil and gas potential. Oil potential was confirmed by BHP Petroleum's discovery of Gwydion oil field (noncommercial) in 1995.

Nexus plans to test a large stratigraphic play targeting Jurassic reservoir sands south of Gwydion. A well will be drilled in the second permit year.

The company is continuing is strategy of taking large initial interests in prospective permits and then farming down progressively to secure funding for exploration and development.

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