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Nexus Energy Ltd. advised that documentation for the Crux AC/L9 joint venture for a Shell-led integrated gas and liquids development to commercialize the Crux asset with Shell Development (Australia) Pty Ltd. and Osaka Gas Crux Pty Ltd. has been executed.
Once the transaction is completed, the new joint venture will undertake the process to convert the existing production license (AC/L9) to a retention lease. This will require a detailed work program, which will include technical studies of a range of development options, including a standalone development concept and exploration drilling of the Auriga prospect targeted for early 2014.
The participating interests in the joint venture in AC/L9 will be Nexus, 17%; Shell, 80%, operator; and Osaka Gas, 3%.