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Nexus Energy says it is close to finalising the sale of a large chunk of its Crux petroleum field in the Browse Basin to Royal Dutch Shell.
Nexus said today that it had finalised the main documentation for the consolidation of the interests in the field, regulatory authorities had been informed of the deal, and board approvals from the joint venture parties were being sought.
Following completion of the agreement, Nexus will hold a 17 per cent interest in Crux, with Shell taking operatorship and an 80 per cent stake, with Japan’s Osaka Gas holding the remaining 3 per cent.
The terms of the final sale also provide for Shell to grant Nexus a 12-month option to sell 2 per cent of its interest in the joint venture to Shell for $75 million.
Nexus chief executive Lucio Della Martina said the announcement was a key step in the transformation of the company into an LNG sector participant.
The possible sale of the stake was first announced by Nexus in January.
The joint venture will now consider various development options for Crux, including a standalone LNG development or becoming part of Shell’s Prelude floating LNG project.
The Crux field contains around 2.2 trillion cubic feet of gas and 74 million barrels of liquids.
At close of trade today Nexus stocks were up 14 per cent, at 12.5 cents.