The company says the objective is to mature two Latrobe leads, Angus (25 million barrel recoverable reserves potential) and Galloway (30 million barrel recoverable reserves potential)
The company is also undertaking drilling and environmental studies with a view to drilling these leads from shore.
“Given the proximity of these leads to the coast, deviated wells drilled from shore are likely to provide lower exploration drilling costs as well as more rapid and profitable development of hydrocarbons in the event of success,” Nexus said.
The company has previously said nearby existing pipeline infrastructure would reduce capital costs in developing any discoveries.
VIC P39(v) is held 100% by Nexus Energy Australia NL.
