The Melbourne-based company said the Bank of Scotland debt financing facility represented a significant proportion of the total $195 million budgeted to bring the project online.

Nexus says it has submitted its development plan for Longtom and applied for a production licence with the relevant government authorities.

The production licence is due to be granted to Nexus in the next quarter.

Longtom was declared commercial in April based on currently contracted reserves of 350 petajoules of gas and 4 million barrels of condensate.

Managing director Ian Tchacos said securing the project finance and submitting an application for a production licence were two of the key remaining milestones necessary for the Longtom full field development.

"All other aspects of the project are progressing well for an expected first gas date during the third quarter of 2008," he said.

First gas from the Longtom project is forecast at initial production rates of 25PJ per year.