Nexus Reduces Stake in Crux LNG Project

Nexus Energy Limited has decided to exercise an option to sell its 2% in the Crux LNG project in the East Browse Basin, off the coast of North West Australia for $75 million, to Shell. After the sale Nexus’ share will drop to 15%.

“The decision to exercise the option was made following the review of funding alternatives available that would meet the Company’s near term objectives.  It was determined that the optimal outcome was the exercise of the Crux put option with proceeds used for the January 2013 notes repayment as well as to reduce the Longtom debt facility.  As a result, $30 million of the proceeds will retire debt on the Longtom facility and $32.9 million for the notes repayment due on 15 January 2013,” Nexus said in a statement.

Along with Shell and Nexus, other partner in the joint venture is Osaka Gas.