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Oil and gas pair's deal solves problems

May 28, 2009 (The Australian Financial Review - ABIX via COMTEX) -- By Paul Garvey

Companies: AED Oil Ltd (AEDOF), Nexus Energy Ltd (NXEYF)

AED Oil will pay $A155m for a 50 per cent stake in the Longtom oil and gas project in Bass Strait. The deal will provide the embattled Nexus Energy with a financial lifeline, allowing it to reduce its debt and bolster its cash reserves. The deal will give AED an additional revenue stream after it sold a 60 per cent stake in its Puffin field. Production at Longtom is slated to begin later in 2009.

Publication Date: 29 May 2009 

NEXUS ENERGY LIMITED - ASX NXS
AED OIL LIMITED - ASX AED
SINOPEC CORPORATION
CHINA PETROLEUM AND CHEMICAL CORPORATION
MITSUI AND COMPANY LIMITED

Copyright (C) 2009 ABIX. All rights reserved

News Provided by COMTEX

Companies: AED Oil Ltd (AEDOF), Nexus Energy Ltd (NXEYF)


Related terms: china, debt, energy, oil, oil and gas, petroleum, revenue

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