Speaking at its annual general meeting in Melbourne today, chairman Neil Philip reiterated that Nexus was planning to achieve a financial investment decision on the project in mid-2007.

First condensate production at a rate of 25,000 barrels per day is being flagged for mid-2009, he said.

Nexus plans to develop the field via a gas-recycling project, involving three production wells and three injection wells.

Earlier this year, Nexus sold 100% of its rights to the natural gas to Shell, but has retained the rights to valuable condensate content of the Crux field. It estimates the field has the potential to contain 71 million barrels of condensate.

Under the deal, the valuable condensate will be stripped from the gas before being re-injected into the reservoir for potential later production by Shell.

Crux lies in permit area AC/P23 in the Browse Basin and is 100km northeast of the 100% Nexus-owned permit, WA-377-P, which contains the Echuca Shoals gas discovery.

Looking ahead to 2007, Philip said Nexus planned to complete its Longtom project sanction in January and appraise the Echuca shoals in the second quarter.