The company said the transaction is part of a broader realignment of interests within the Padre Island Project designed to give long-term stability and a simple ownership structure to the land rights underlying the project.
The oil exploration subsidiary of Mitsui, the Mitsui Oil Exploration Company (MOECO), also increased its working interest to 20 per cent. Novus and Mitsui acquired their additional working interests from BNP, who will retain a 40% equity interest in the project.
Share market investors gave the move the thumbs up, lifting Novus' share price by 8c to finish at $2.09 at time of writing.
