Ian Tchacos has been appointed chief executive officer, effective from 15 July. Philip Smith will assume the role of exploration manager, while Ed Munks will take the position of company secretary/commercial manager.

Nexus also said Brian Hannon and Dawson Johns had resigned from the board.

"This new team will enable Nexus to implement its revised strategy, which will focus on growth through the acquisition of appropriate cash producing projects as well as low risk exploration," the company said.

"Nexus has taken a decision to target production or near-production assets with lower risk profiles where it can add value through its technical and commercial skills."

The company added it intends to build a balanced portfolio of production and exploration assets within niche areas in the Australasian region.

Nexus Energy holds the Australian rights to an advanced exploration geochemical technology known as the Gore Sober Exploration Survey, which predicts what areas of a prospect have petroliferous surface geochemical character.