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Nexus placed 36.84 million shares with domestic and international institutional and other non-retail investors at 80c per share to raise the funds.
“The placement will principally finance the continued drilling of the Crux field – one of our three key projects,” managing director Ian Tchacos said.
The company said a share purchase plan (SPP) will be conducted in coming weeks to allow Nexus’ retail shareholders to participate in this capital raising.
The record date for determining eligibility to participate in the SPP is April 3.
Deutsche Bank and Wilson HTM acted as joint lead managers and joint bookrunners to the institutional placement.
Earlier this month, the company was forced to downgrade the best estimate contingent resource at the Crux gas/condensate project by 16 million barrels after Crux-2 failed to encounter the uppermost “A” gas reservoir structure as intersected in the original discovery well.
As a result, Nexus said the best estimate contingent resource was now 55 million barrels of liquids, as opposed to the 71MMboe it had previously predicted. The upside estimate now totals 71MMboe.
