Shares in both Nexus Energy and AED Oil fell on 6 July 2009, as production came to a halt at the Longstrom gas project off the Victorian coast. AED agreed in May to acquire a 50% interest in the asset, which is expected to produce 25 petajoules of gas and 300,000 barrels of condensate annually. Construction has stalled due to a disagreement over the charter of a diving support vessel. Nexus hopes the presence of an alternative vessel could allow construction to recommence in three weeks.
Publication Date: 7 July 2009
dispute halts work at longstrom
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