Nexus seeking partner for Australia well

Nexus Energy and partner AWE Exploration are inviting farm-in offers to the WA-368-P permit offshore Western Australia, according to licensing broker Indigo Pool.

Offshore staff

HOUSTON -- Nexus Energy and partner AWE Exploration are inviting farm-in offers to the WA-368-P permit offshore Western Australia, according to licensing broker Indigo Pool.

The exploration permit contains two hydrocarbon discoveries, and demonstrates the presence of a working hydrocarbon system. Analysis of new 3D seismic has identified a four-way dip-closed structure with mean, unrisked potential of 90 MMbbl of oil.

Based on a development comprising subsea completions and a leased FPSO, Indigo Pool adds, the un-risked NPV (10%) of the prospect could be over S$2 billion ($1.4 billion) on a pre-tax basis, or S$1.5 billion ($1.06 billion) on a post-tax basis.

The partners are looking for a single additional partner to take a 50% interest in the permit. They plan to spud an exploration well during the 1Q 2011.

06/09/2010

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