Nexus Energy writes down Longtom value

Company News

  • Email Alerts for:

Nexus Energy Limited (ASX:NXS) has written down the value of its Longtom gasfield, announced CEO developments and flagged investor interest in its Crux gas liquids resource off Western Australia.

After the market closed yesterday the oil and gas producer revealed an expected $163 million writedown in Longtom’s value, bringing the carrying value of the field to $148 million.

Nexus is currently undertaking a CEO appointment process and says it expects to be announcing its new CEO in the short term.

The company also yesterday advised it has received approaches from several industry players interested in Crux equity.

Nexus Energy reported a net loss of $39 million in the 2011 financial year.


 


Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.