Nexus still looking for buyer for Crux liquids project

Nexus Energy's sale of 25% of its Crux liquids project in Browse basin permit AC/P23 to unnamed buyer will not go ahead after the board decided not to approve the $255 million purchase.

Oct. 8, 2008

Rick Wilkinson
OGJ Correspondent

MELBOURNE, Oct. 8 -- Nexus Energy's sale of 25% of its Crux liquids project in Browse basin permit AC/P23 to unnamed buyer, thought to be Mitsui, will not go ahead after the board decided not to approve the $255 million purchase due to global market conditions.

Nexus is now looking for another buyer and has appointed Deutsche Bank to carry out the sale.

However Nexus has successfully farmed out a 20% interest in neighboring exploration permit AC/P41 to Mitsui E&P Australia. Mitsui will acquire the interest for $20 million in cash and fund Nexus' remaining 30% interest in three exploration wells to the extent of $34 million.

Royal Dutch Shell PLC owns a 50% interest in the permit and the deal is still subject to preemption process.