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Nexus waits on Basker-6 results



By Upstream staff 

Australia’s Nexus Energy said it was continuing to work with merger target Anzon Australia to evaluate the impact on reserves of Anzon’s Basker-6 drilling programme in the Bass Strait and expected to announce whether the results will affect the terms or timing of the takeover.

The statement follows media speculation in Australia that the results of the well are not as good as hoped after Anzon was forced to sidetrack after hitting water in the target formation.

Nexus said on 11 April that it would delay a shareholder meeting set for 18 April to approve the merger to allow more time to consider the effect of the Basker results.

The company said in a statement today that a merger between Nexus, Anzon Australia and parent Anzon Energy “was in the best interests of all three companies”.

Anzon is the operator of the Basker Mantra Gummy project off Victoria. Nexus said in March it might consider tying flows from the field into subsea infrastructure for its nearby Longtom project, which is facing delays.


Thursday, 24 April, 2008, 05:32 GMT  | last updated: Thursday, 01 May, 2008, 02:29 GMT

Keeping watch: Nexus said it would clarify the terms and timing of its merger with Anzon Australia once latest results from the Basker Mantra Gummy project have been evaluated
 

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