The company’s farm-in to earn a 10% equity interest through funding its own and a portion of Nexus’ permit expenditure was subject to raising sufficient funds from a share purchase plan, it said.
The work program includes drilling the Culverin-1 exploration well to test both the Culverin and the deeper Scimitar oil prospects. Drilling is scheduled between November and December this year, the company said.
Culverin-1 lies less than 10km from the Basker/Manta oil project in the RL/6, RL/9 and RL/10 leases, immediately to the north.
“If it is technically and commercially appropriate there may be potential synergies in Nexus’ VIC/P56 and VIC/P49 permits with Anzon’s nearby operated Basker Manta oil project through the common utilisation of facilities,” executive chairman Steven Koroknay said.
The Culverin prospect was defined on 3D seismic data at Top Latrobe level in the eastern part of Vic/P56. It is a large structure with the potential to contain 97 million barrels of oil reserves, according to Anzon.
Underlying Culverin is the Scimitar prospect at the deeper Intra Latrobe level, which is also defined by 3D seismic data. It is expected to contain a mixture of oil and gas and has the potential to contain mean oil reserves of 63 million barrels, the company said.
Joint venture interests in Vic/P56 and Vic/P49 following the farm-in will be: Nexus Energy (40%), Korea National Oil Corporation (30%), Seoul City Gas Company (20%) and Anzon Australia (10%).
