Nexus boss: Ian Tchacos
Crux liquids farm-in fails
Nexus Energy and an unnamed company have called off a deal which would have seen nexus farm out a stake in its $375 million Crux liquids project off Australia.
Nexus said the two parties were unable to satisfy "certain conditions precedent relating to formalisation of the agreement".
The unnamed company was, under the terms of a heads of agreement, to pay the next A$53 million (US$40.4 million) of appraisal, feasibility and development expenditure on the Crux liquids project in Block AC/P23 to earn a 34% interest in the project.
Nexus had said the other party was a multi-billion dollar international oil and gas company "with substantial construction capability and operations experience".
Very few companies fit this bill, one of them is Helix Energy Services, formerly Cal Dive International.