Nexus Energy Ltd. (NXS.AU) is poised to sell down a stake in its Crux liquids project offshore Western Australia state by next month ahead of officially approving construction of the A$1.78 billion project by year end, Chief Operating Officer Michael Maloney said Wednesday.
Nexus wants to produce condensate--a light form of oil--from Crux and reinject gas back into the reservoir from 2014 until the rights to the gas and condensate revert to Royal Dutch Shell PLC (RDSB.LN) in 2020. Nexus has an option to extend the reversion to 2013 but hasn't yet decided whether it will take it up.
It owns 85% of Crux and Osaka Gas Co. (9532.TO) owns 15%.
Melbourne-based Nexus wants to sell down its holding to 50%.
"That's going very well and should be wrapped up largely by the end of the November and December at the latest," Maloney said.
Nexus is in advanced discussions with one potential equity partner, Maloney added.
Debt financing should also be wrapped up in the next 4-6 weeks, he said.
-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; [email protected]
crux stake by end of nov11
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