Australia's Nexus says Shell to take interest in potential LNG project |
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Published
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Tue, 16 Jan 2007 01:41
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SYDNEY (XFN-ASIA) - Nexus Energy Ltd said Shell Development Australia has agreed to farm-in to its wholly-owned Echuca Shoals gas/condensate discovery in the Browse Basin off the north west Australian coast which has the potential to be developed as a stand-alone liquefied natural gas project.It said the Royal Dutch Shell unit will provide up to 60 mln usd, comprising five mln usd in cash and up to 55 mln usd of contributions toward the drilling of two appraisal wells to earn a 34 pct interest in the entire WA 377-P permit which hosts the Echuca Shoals discovery.If the appraisal program is successful, Nexus has the option to further sell down its interest in theasset to fund further appraisal or development of Echuca Shoals.bruce.hextall@xfn.com
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