Nexus Energy Ltd has increased the best estimate contingent resource at the Crux Field in the Browse basin to 65 million barrels, an increase from the previous contingent resource estimate of 55 million barrels released on 15 March 2007.

The increased estimate incorporates the results of the successful Crux-2 ST1 well completed recently.

The increase in contingent resource liquids volumes results from the higher than expected ‘Condensate to Gas Ratio’ encountered in the sidetrack well.

The discovery of the highly productive Plover Formation has also increased the likelihood of higher than expected gas volumes in the field.

The new contingent resource liquids volumes together with the volumes calculated before the drilling of the Crux-2 ST1 well are shown in the table below.

Increase in Condensate Gas Ratio (“CGR”) – reservoir gas sampling from Crux-2 and the Crux-2 ST1 well confirm a significant increase in condensate gas ratio which has had a direct impact on liquids resources. CGR for the field is now estimated to be 35 barrels of condensate per million standard cubic feet of reservoir gas, an increase of 13% above the previous CGR used to calculate resources after the drilling of Crux-2.

Increase in gas reservoir section - Crux-2 ST1 has confirmed that the high quality Plover Formation sand seen in the Crux-2 well is present over the north eastern part of the Crux Field and has the potential to add significant additional further resources in the high case. No contingent resources were previously attributed to this younger reservoir section.