Nexus sells Browse basin interest

Nexus Energy has signed a Memorandum of Understanding (MOU) with an international energy company for the sale of an interest in exploration permits AC/P23 and AC/P41 in the Browse basin, Western Australia.

Offshore staff

MELBOURNE, Australia -- Nexus Energy has signed a Memorandum of Understanding (MOU) with an international energy company for the sale of an interest in exploration permits AC/P23 and AC/P41 in the Browse basin, Western Australia.

Under the terms of the MOU, which is subject to board approvals of the Farminee and Nexus, the Farminee will acquire a 25% interest in the Crux liquids project in exploration permit AC/P23 and a 20% interest in exploration permit AC/P41.

The Farminee will pay $275 million in cash and will fund Nexus' costs for three wells in exploration permit AC/P41 (including the Libra prospect), to the extent of $34 million.

09/10/2008

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