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".
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