As part of an issue of 6.6 million shares, Nexus has completed a capital raising of $186,000 with a preliminary issue of 2,000,000 ordinary fully paid shares to sophisticated investors.

The funds raised will be used for Nexus' planned farmout of exploration permit VIC/P54 located in the offshore Gippsland Basin and furthering exploration activities in its other permits VIC/P56 in the Gippsland Basin and NT/P66 in the Bonaparte Basin.

The company is currently in the process of issuing the additional 4.6 million shares under similar terms.

Meanwhile Global Petroleum has finalised arrangements to raise $1.624 million by private placements with the capital raised to be used to progress investigations of its recently awarded Iraqi and Indonesian projects.

After extensive negotiations the company was asked by the Kurdistan Regional Government and the Coalition Provisional Authority in Baghdad to rehabilitate the Chamchamal oilfield in Iraqi Kurdistan.

Global is now attempting to attract partners into the project, which it acknowledged was fraught with danger.

The Chamchamal gas condensate discovery is located 40kms to east of the giant Kirkuk oilfield, which has produced 16 billion barrels of oil, most recently at several hundred thousand barrels per day.

Chamchamal No. 1 was drilled in 1930 and flowed gas at 11mmcfpd and recovered 43 degree API condensate from the Pila Spi area of interest. Chamchamal No. 2 established a 200 foot gas column from the same zone.

A second zone - the fractured Cretaceous Shiranish Formation contained a 100 foot gas column in Chamchamal No. 2. The reservoir flowed gas at the rate of 7mmcfpd with 54 degree to 63 degree API condensate.