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libra 1

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    Libra-1 exploration well
    in exploration permit AC/P41

    Nexus Energy Limited (“Nexus”) is pleased to advise that the Libra-1 exploration well in exploration permit AC/P41 in the Browse Basin, offshore Western Australia, was spudded on 5 November 2008. As at 06:00 hours on 6 November (AEDT), the conductor was set and operations were preparing to drill ahead in 17½ inch hole.

    The Ocean Epoch semi-submersible rig is drilling the exploration well which is operated by Shell Development (Australia) Pty Ltd (“Shell”) on behalf of the joint venture.

    The Libra-1 well is expected to intersect the target reservoir in late November, and is testing near field exploration potential around the greater Crux area. Nexus’ estimate of pre-drill most-likely gross recoverable resource for Libra stands at 500 Bcf of gas and 19 MMbbl of condensate.
    Nexus also believes that a successful result at Libra-1 would significantly enhance the likelihood of encountering hydrocarbons in the adjacent Auriga and Caelum prospects within exploration permit AC/P23.

    Nexus’ managing director, Ian Tchacos said “Nexus is excited to be drilling this potentially high impact prospect. Should Libra prove successful in AC/P41, it greatly improves the likelihood of success at the Auriga and Caelum prospects in AC/P23 which could be tied-back to the Crux liquids project, enhancing the overall project value. On a broader view, we map the potential for over 6 Tcf of gas resource with the potential for in excess of 200 million barrels of associated condensate across AC/P23 and AC/P41 in the greater Crux area.”

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