Big contingent reserves upgrade for Crux

NEXUS Energy yesterday released its second supplementary target’s statement to the market, in which it upwardly revised its Crux field contingent resources by 48% to 71 million barrels of condensate and 2 trillion cubic feet of gas.
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The reserve upgrade was based on the completion of 3D seismic data over its 100% owned AC/P23 permit.

The Melbourne-based company also used this statement to reiterate its position that shareholders should reject Anzon Australia’s takeover offer.

Based on the upgrade and interest in the project, Nexus managing director Ian Tchacos said the company expected to soon secure a farm-in partner into the project.

“We are delighted with the progress being made at Crux,” Tchacos said.

“The results from the new 3-D seismic data are very positive, confirming our earlier expectations that our estimates of the resource potential at Crux would increase substantially with the availability of better seismic data.”

Tchacos added that the company’s latest reserve estimates for Crux were similar to figures outlined in an independent report that forecast contingent resources of 71.9 million bbl of condensate and 1.9 tcf of gas.

These estimates by Gaffney Cline and Associates were based on previous 3D seismic data acquired as part of a larger regional survey, not acquired specifically for the Crux field.

Gaffney Cline will now review the new information on Crux to provide an independent audit of the contingent resource estimates, which is expected to be completed by the end of next month.

The Crux field is located in Australian waters in the Timor Sea, approximately 600km north of Broome, Western Australia.

Last week, Anzon Australia released information to the market saying while its offer of one Anzon share for every two Nexus shares would not be varied, changes in the share prices of the two companies meant that the offer was now at a premium to the Nexus price.

Anzon reiterated its claims that it was a stronger, less risky company than Nexus. However, Nexus hit back with claims that Anzon was a one-asset company that appeared to be experiencing problems in the development of its Basker Manta Gummy fields.

Anzon, which is usually quick with a rebuttal, has yet to respond to these claims.

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