Funds: for the Crux project
Nexus gets funds for Crux
Nexus Energy has raised the funds needed for the next stages of its Crux liquids project in the Browse basin off north-west Australia.
The funds included the receipt of A$53 million (US$40.1 million) from Shell as payment for the gas reserves in Crux as well as a bridge funding facility of A$30 million from BOS International, which is part of the Bank of Scotland group.
Nexus plans to drill the Crux-2 appraisal well in December 2006 and plans to commit to developing the field at the end of the second quarter of 2007 through a gas recycling project in which condensate is stripped from the gas, which will be re-injected into the reservoir for potential later production by Shell.
Nexus managing director Ian Tchacos said, “Receipt of Shell’s cash payment for the Crux gas and the establishment of the Longtom bridge funding facility has added to Nexus’ sound financial position.
“The company now has the cash resources to fulfil its immediate appraisal objectives at the Crux field as well as progressing the appraisal of Echuca Shoals.”