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Global turmoil hits WA oil project
7-October-08
Written by Rebecca Lawson
The global financial turmoil has forced Nexus Energy Ltd to look for other potential buyers of a 25 per cent stake in the Crux light oil project offshore Western Australia, after the original buyer pulled out of the $356 million deal.
In a statement today, The Melboure-based Nexus said the buyer did not receive board approval for the purchase, citing global market conditions for not proceeding.
Nexus said it will stick with its intention of looking for a joint venture partner for the development of the project and had resolved to start a formal global process for the sale of the stake, which is valued at $US255 million ($A356 million).
Article continues...
7-October-08
Written by Rebecca Lawson
The global financial turmoil has forced Nexus Energy Ltd to look for other potential buyers of a 25 per cent stake in the Crux light oil project offshore Western Australia, after the original buyer pulled out of the $356 million deal.
In a statement today, The Melboure-based Nexus said the buyer did not receive board approval for the purchase, citing global market conditions for not proceeding.
Nexus said it will stick with its intention of looking for a joint venture partner for the development of the project and had resolved to start a formal global process for the sale of the stake, which is valued at $US255 million ($A356 million).
Article continues...
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