April 4 (Bloomberg) — Shares in Nexus Energy Ltd. jumped to their highest for five weeks after the Australian oil and gas explorer said it found more natural gas than expected at a well on the Crux field off northwestern Australia.
Shares in the Melbourne-based company gained as much as 12 cents, or 14 percent, to 98 cents on the Australian Stock Exchange. They were at 96.5 cents at 12:19 p.m. Sydney time.
Nexus is drilling appraisal wells at the Crux field to help better define the amount of gas and condensates it holds before deciding how to develop the project. The Crux-2 ST1 well found gas over a depth of 158 meters, including 102 meters area that is expected to be economic, and the field is now expected to hold enough condensates to underpin development, Nexus said.
“These results are a significant step forward for the Crux liquids project,” Managing Director Ian Tchacos said in the statement. “Our goal is to secure an investment decision for this significant project in early 2008 with a view to first production in 2010.”
Nexus in August completed an agreement to sell gas from Crux to a Royal Dutch Shell Plc unit.
To contact the reporter on this story: Angela Macdonald-Smith in Sydney at [email protected] .
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