Nexus Energy executed binding agreements with Shell Development (Australia) and Osaka Gas for the consolidation of interests in relation to the Crux AC/L9 asset. Nexus announced that, following receipt of Title Registration approvals and FIRB approvals, the consolidation agreement has now been completed.
The new integrated gas and liquids Joint Venture is now established, providing for:
Furthermore, Nexus’ put option to sell 2% of its participating interest in the Joint Venture for A$75 million to Shell becomes available and exercisable immediately or at any time until 23 October 2013.
Nexus also confirmed that the regulatory authorities have been kept informed of the progress and the application to convert the existing Production Licence (AC/L9) to a Retention Lease will now be initiated.
This process will include the establishment of an agreed detailed work program to progress the earliest possible commercialisation of the Crux field.
[mappress] LNG World News Staff, October 23, 2012; Image: Nexus