Nexus will pay 3% for the first 50 million barrels of oil equivalent (mmboe) and 4% for production over 50 mmboe.

Nexus said the VIC/P54 permit is a very prospective block in a world class oil and gas province which can boast the highest success rate in Australia.

The license is in close proximity to several significant producing fields and discoveries including Snapper, Turrum, Marlin, Tuna, Sunfish and Patricia/Baleen.