“Ongoing mapping seismic and potential appraisal drilling is being planned as part of the ongoing work program,” Nexus said in its quarterly report.

Nexus now has 80% equity in VIC/P49 following the withdrawal of Seoul City gas and Korea National Oil during the last quarter.

The remaining 20% is held by Anzon Australia.

With Anzon also now owning 17% of Nexus following a heated takeover battle, it remains to be seen how the two companies will work together. Despite Anzon now being Nexus’ largest shareholder, it has still not been granted a seat on the Nexus board.

The two companies are also partners in the neighbouring VIC/P56 permit – Nexus is operator and owns 40%, Korea National Oil (30%); Seoul City Gas (20%) and Anzon (10%). Studies are underway to review remaining prospectivity following the drilling of the Culverin and Scimitar prospects.

Whatever is decided about further exploration in this block, Nexus still has faith in offshore Gippsland.

“The Gippsland Basin historically has been the largest oil basin in Australia and we see significant opportunities there because we still see it as under-explored,” managing director Ian Tchacos told PetroleumNews.net.

“We still see a future in the Gippsland Basin and our commitment there will be ongoing. There is a lot of data available now, so we’ll look at new acreage positions and we’ll continue to work our own acreage because it’s quite complicated and still under-explored.”

Anzon is also optimistic about further potential in offshore Gippsland, not only in the blocks it shares with Nexus, but also in its three Basker Manta Gummy retention leases, according to Anzon executive director and chief operating officer Andrew Young.

“There are at least four good leads outside the immediate project area, but still within the partnership’s leases,” he told PNN in August.