As a result of the Gaffney Cline and Associates estimate, Nexus says its total reserves have doubled to 114 million barrels.

This makes it Australia’s seventh largest holder of petroleum reserves and the fourth biggest holder of liquid hydrocarbons, the company said.

GCA’s low case contingent resource estimate (P90) for Crux was 22% higher than Nexus’ calculation, at 54.9 million barrels.

“This increase of the low case contingent resource estimate (P90) substantially boosts the commercial value of, and the ability to procure project finance for, the Crux liquids project,” managing director Ian Tchacos said.

“It follows the drilling of the Crux-2 and Crux-2 ST1 wells earlier this year.”

Nexus said both resource estimates are sufficient to support the commercial development of the Crux liquids project.

Accordingly, the company has booked 56.4mmbbls of proven plus probable (P50) liquid reserves attributable to the Crux liquids project, being its 85% share.

Nexus’ total P50 reserves are now 114 million barrels of oil equivalent, of which 52% is liquids, taking account of the reserves already booked at the Longtom field in Bass Strait.

Further geotechnical work undertaken by Nexus suggests the greater Crux area could contain more than 5 trillion cubic feet of gas and 200 Mmbbls of condensate.

This figure takes into account the Crux field in AC-P23, adjacent near-field prospects and the surrounding AC-P41 permit.

Starting in December, Nexus and its partner Osaka Gas plan to drill two exploration wells to evaluate the potential upside of Crux.

Meanwhile, Nexus and Shell Development Australia plan to drill the Libra prospect, which lies adjacent to Crux, in AC-P41.