2009-08-15-2008-11-01-2008-11-01

Purchased 20% interest in exploration permit AC/P41 in Browse Basin, Western Australia.

Mitsui E&P Australia Pty Ltd. plans to farm into exploration permit AC/P41 in the Browse Basin of Western Australia from Nexus Energy Ltd. (Australia: NSX) for cash and drilling commitments totaling US$54 million. Mitsui canceled an agreement to purchase a 25% interest in the Crux liquids project in exploration permit AC/P23 from Nexus for US$255 million, citing global market conditions. Mitsui will acquire a 20% interest in AC/P41 for US$20 million in cash and will fund costs attributable to Nexus' remaining 30% interest for three exploration wells in AC/P41 up to US$34 million. This includes the cost of drilling of the Libra prospect due to spud in October. Nexus expects to receive total funding from Mitsui of up to US$30 million in fourth-quarter 2008.