Nexus increases Crux reserves

Hydrocarbon reserves in Nexus Energy Limited’s (Nexus) Crux field in the Browse basin have been increased substantially following the highly successful drilling of the Crux-3 and Crux-4 appraisal wells.

Reserves in the Crux field, in exploration permit AC/P23, off the north west coast of Western Australia, have been increased as follows:

• The Proved plus Probable plus Possible estimate (P10) reserves for the Crux field has increased from 78.3 million barrels (MMstb) to 83.1 MMstb, an increase of 6.1%.

• The Proved plus Probable estimate (P50) reserves for the Crux field has increased by 12.5% from 66.3 million barrels to 74.6 MMstb.

• The Proved reserves estimate (P90) for the Crux field has increased from 54.9 MMstb of condensate liquids to 67.0 MMstb, an increase of 22%.

The Crux development area includes that part of the Crux field defined by the existing appraisal wells within AC/P23. It is this area that Nexus and its partner Osaka Gas, plan to develop via the Crux liquids project.