The six year permit joins the recently acquired VIC/P54 in the basin and is in close proximity to several significant producing oil and gas fields including Tuna, Flounder, Halibut, Blackback and Marlin.

VIC/P56 has two large prospects at the prospective Top Latrobe reservoir level which both have the potential to contain up to 50 - 60 million barrels of oil reserves.

In 2000 A 3-D seismic survey was acquired over 50 % of the block by a Esso/BHP Billiton Joint Venture as part of the large Northern Margin 3D survey.

This data will be available to Nexus during the course of its primary (three year) work program and will assist the company to better define existing prospects in the permit prior to drilling.

The high equity level Nexus holds in the permit area provides the opportunity for the company to gain leverage from its technical and commercial skills by attracting joint venture participants by way of a farmin.

Nexus intends to continue to focus on the Gippsland and Bonaparte basins as core areas for exploration.