(MENAFN- ProactiveInvestors - Australia) Nexus Energy (ASX: NXS) has executed binding agreements with Shell (LON: RDA) and Osaka Gas to position and develop the Crux gas condensate field as a significant hub in the East Browse Basin.
The completion of the consolidation agreement also makes Nexus' put option to sell 2% of its 17% participating interest in the joint venture for A$75 million available and exercisable immediately or at any time until 23 October 2013.
In addition, the joint venture has initiated the application to convert the existing AC/L9 Production Licence over Crux into a Retention Lease.
The Shell-led joint venture will investigate a range of development options including the potential development of a new floating liquefied natural gas and liquids facility to process Crux gas with the
opportunity to process third party gas and liquids.
Shell holds a 80% operating interest in the new joint venture while Nexus and Osaka Gas hold 17% and 3% respectively.
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