The Crux field is located in Australian waters of the Timor Sea, approximately 600km north of Broome, Western Australia, while the Longtom gas field is located in Victoria’s Gippsland basin.

Nexus’ plans for Crux include purchasing long lead inventory items for drilling an appraisal well, engineering and feasibility studies into the field’s development and 3D seismic acquisition and processing.

In addition, the company plans to continue drilling and appraising the Longtom gas field, purchase existing 3D seismic data over the Echuca Shoals gas condensate field in

WA 377P and conduct a 3D seismic survey in WA 368P.

Nexus will also reserve some of the funds for ongoing work capital.

Managing director Ian Tchacos said the funds would help propel the company from a junior explorer to a significant producer.

“We have the assets, the people and now the capital required to take Nexus to the next level,” he said.

“The capital raised will enable the company to rapidly progress the commercialisation of the Longtom gas field and the Crux gas condensate field, unlocking the value potential of these assets.”

Tchacos said the share placement was “extremely” well supported by the company’s existing institutional shareholders and also saw the introduction of several new financial institutions to the Nexus share register.

The company placed a total of 94 million shares at 47c each to raise $44.2 million. The issue was placed with a range of Australian and international institutions and investors by Euroz Securities and UK-based Beaufort International Associates.