The portfolio includes production and the deep exploration rights of the Stratton field (30%) together with the deep exploration rights of the Magnet Withers field (50%). The two leases are located in Texas with Apache as the operator.

"This is significant for Novus in building our US business unit. We envisage that this production, together with further deep exploration in Stratton and Magnet Withers, will join our Padre Island assets to provide a firm foothold in the US from which to grow," Novus chief Dr Bob Williams said.