Nexus Energy Ltd.

Nexus Energy Ltd. (Australia: NSX) has retained Deutsche Bank to sell a 25% interest in the Crux liquids project in exploration permit AC/P23 in the Browse Basin in Western Australia. Mitsui E&P Australia Pty Ltd. canceled an agreement to purchase the project for US$255 million, citing global market conditions. Mitsui will continue in its purchase of a 20% interest in exploration permit AC/P41 for US$20 million. Nexus managing director Ian Tchacos says, "The Crux liquids project remains an exciting world class development which is close to project sanction. We have received strong interest from potential additional parties and whilst we are disappointed that the previously announced potential sale will not proceed, we are confident that the sale process will result in the selection of an appropriate additional partner to develop Crux on terms which will be beneficial to Nexus shareholders." Contact Ian Tchacos, +61-3-9660-2500.