Crux field reserves show increase

Hydrocarbon reserves in Nexus Energy Ltd.'s Crux field in the Browse basin have increased following the successful drilling of the Crux-3 and Crux-4 appraisal wells.

Offshore staff

MELBOURNE, Australia -- Hydrocarbon reserves in Nexus Energy Ltd.'s Crux field in the Browse basin have increased following the successful drilling of the Crux-3 and Crux-4 appraisal wells.

Reserves in the Crux field, in exploration permit AC/P23 off the northwest coast of Western Australia, have been increased as follows:
• The Proved plus Probable plus Possible estimate (P10) has increased from 78.3 MMbbl to 83.1 MMbbl, an increase of 6.1%.
• The Proved plus Probable estimate (P50) has increased by 12.5% from 66.3 MMbbl to 74.6 MMbbl.
• The Proved reserves estimate (P90) has increased from 54.9 MMbbl of condensate to 67.0 MMbbl, 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.

These revised volumes are the result of an internal review by Nexus and have not yet been certified by an external independent expert.

03/19/2008

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