The Melbourne-based company released a report this morning in which it increased the best contingent resource estimate to 65 million barrels of liquids from 55MMbbl.

However, the latest figures are still around 6MMbbl lower that Nexus’ original best estimate of 71MMboe, which was revised in March after the Crux-2 appraisal well failed to encounter a gas reservoir found by the discovery well.

Reservoir sampling from Crux-2 and the sidetrack well suggest the field will produce about 35 barrels of condensate per million cubic feet of reservoir gas – up 13% from the previous estimate, says Nexus.

“The increased liquids content of the gas will also have a favourable impact on recycle project production rates and resultant field economics,” Nexus managing director Ian Tchacos said.

“It is anticipated that a plateau production rate of 32,500 barrels per day can be achieved for the basis of design recycle rate of 900,000 standard cubic feet per day.”

In addition, the discovery of the “highly productive” Plover Formation sand makes it likely the field contains higher gas volumes than expected, the company said.

Nexus managing director Ian Tchacos will address this year's SEAAOC conference, to be held in Darwin from May 30 until June 1, giving a presentation on Nexus' "big ambitions in northern waters."