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Australia’s Nexus sells exploration stake to Shell

Reuters

PERTH, March 31 (Reuters) – Australian oil firm Nexus Energy Ltd (NXS.AX), which is urgently seeking cash to fund its proposed projects, has sold the rest of its stake in an exploration permit off western Australia to Royal Dutch Shell (RDSa.L) for $19 million.

 

The sale of its 15 percent stake in the exploration permit in the Browse Basin will provide an important source of near-term funding, Nexus said in a statement on Tuesday.

Nexus’ funding problems became acute after it failed to sell a stake in its proposed A$1 billion ($678.9 million) Crux condensate project off western Australia, in which Japan’s Osaka Gas (9532.T) holds a 15 percent stake. [ID:nSYD399993]

Nexus, whose shares have been suspended since March 6, said it expected to complete talks on additional funding requirements and spending reductions by April 14 and for trading of its shares to resume then.

Nexus hired Deutsche Bank in October to manage the sale of part of its 85 percent stake in Crux after Japanese trading house Mitsui & Co (8031.T) pulled out of a deal to buy a chunk for $255 million, citing economic conditions. ($1=1.473 Australian Dollar) (Reporting by Fayen Wong)

 

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