The Melbourne-based company said the funds from the sale of gas from its Crux project and a bridge funding facility at Longtom will give it “increased flexibility” to further finance its Crux liquids project.

Nexus sold 100% of its rights to the natural gas but has retained the rights to valuable condensate content of the Crux field.

The company also said it had secured a $30 million bridge funding facility to be drawn down and applied towards its Bass Strait Longtom Asset from BOS International (Australia).

Managing director Ian Tchacos said the additional funds would provide Nexus with “increased flexibility” in financing the next stages of the Crux liquids project.

“The company now has the cash resources to fulfil its immediate appraisal objectives at the Crux field as well as progressing the appraisal of Echuca Shoals,” he said.

“Nexus’ aggressive project definition program is expected to place the company in a position to sanction the Crux liquids project in June 2007, bringing the company a step closer to another significant source of future cash flow alongside the planned development at Longtom.”

The Crux field lies in permit area AC/P23 in the Browse Basin and is 100km northeast of the 100% Nexus-owned permit, WA-377-P, containing the Echuca Shoals gas discovery.

Nexus said it plans to develop the field at the end of the second quarter of 2007 via a gas-recycling project.

Under the deal, the valuable condensate will be stripped from the gas before being re-injected into the reservoir for potential later production by Shell.