Vic/P47

The Vic/P47 exploration permit (202 km²) is located in the offshore Gippsland Basin, approximately 10 kilometres offshore, south of the Victorian town of Orbost. Water depths range up to 80 metres. The permit contains the Judith and Moby gas discoveries. Both these fields are close to existing pipeline and processing infrastructure.

The Judith gas field is located 22 kilometres east of the Longtom gas field which is held 100% by Nexus and has been producing since 2009. Judith-1 was drilled by Shell in 1989 and discovered in the same geological unit as Longtom, but was not production tested or appraised.

The Judith gas resource has been independently certified by Gaffney Cline and Associates (GCA). GCA reported that a gross gas column of 290 metres can be interpreted from Judith-1 electric log data and GCA’s petrophysical analysis indicated 135.5 metres of net gas pay in the Judith-1 well.

GCA has estimated Contingent Resources (Bcf) as follows: 1C - 37, 2C - 101 and 3C - 276.

Considering the changing dynamics of the Eastern Australia gas market and with forecasts of significant gas price increases the Judith resource warrants further appraisal as it may be sufficient for a commercial development.

The Judith Field is covered with 3D seismic data and the Judith NW and Judith South prospect have been identified adjacent to the field.