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UpstreamOnline: Nexus ties up Crux sale

By Upstream staff

Nexus Energy has finalised the sale of gas reserves from the Crux field, in the Timor Sea, to Shell for $40 million.

Nexus and Shell agreed the deal in early June and Nexus has now received the cash payment.

Shell has picked up the gas field at Crux while Nexus retains the rights to the condensate, proposed liquids project and any future discoveries.

The funds from the sale will go towards developing the liquids project and exploration of the Echuca Shoals gas project.

Nexus has estimated that Crux’s contingent resources are 71 million barrels of condensate and 2 trillion cubic feet of gas, based on data from the discovery well.

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