Nexus Energy Ltd., AWE Ltd.

IndigoPool reports that Nexus Energy Ltd. (Australia: NXS) and joint-venture partner AWE Ltd. (Australia: AWE) are offering a 50% working interest in WA-368-P, offshore Western Australia.

The exploration permit contains two hydrocarbon discoveries, and newly acquired 3D seismic data has further confirmed a prospective hydrocarbon structure with unrisked potential of more than 90 million barrels of oil. The unrisked net present value (10%) of the prospect is estimated to be greater than US$2 billion before taxes, or US$1.5 billion after taxes.

The joint venture expects to drill an exploration well on the permit in first-quarter 2011.

Contact Les Finalle, 713-689-5860, lfinalle@indigopool.com.