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crux 4 final update

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    Nexus Energy Limited (“Nexus”) advises that the Sedco 703 drilling rig left the Crux-4 location at 5.45 am (ACST) on 25 February 2008 after the well had been successfully suspended as a future production well for the Crux liquids project.

    Crux-4 is the third appraisal well to be retained as a future development well representing a significant pre-investment in the Crux liquids project which is expected to reach a financial investment decision later this year. Four additional development wells are planned for the Crux liquids project.

    The drilling operations on the Crux-4 well (that immediately followed the drilling of the Crux-3 well) resulted in a continuous improvement in drilling efficiency that lead to significant cost reductions.

    The Crux-4 well has confirmed that the Crux field extends into the previously undrilled South East Horst block, intersecting 126 metres of net gas sand over a total column of over 310 metres. The well encountered the top of the gas column at the highest point seen in the field to date, approximately 20 metres above the highest gas sand seen in the Crux-3 well.

    The Crux-4 well was the second of three wells to be drilled in the greater Crux area. The third well, Libra-1, will be drilled in the adjoining AC/P41 exploration permit in April 2008. Nexus holds a 50% interest in AC/P41 in conjunction with its partner, Shell Development (Australia) Pty Ltd.

    Location

    The Crux-4 well is located in AC/P23, in the offshore Browse Basin, Western Australia.

    Latitude: 12 deg 57' 52.97” S
    Longitude: 124 deg 27' 38.19” E

    Participants

    Nexus Energy WA Pty Ltd (85%)
    Osaka Gas Crux Pty Ltd (15%)
 
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