Nexus, AED Project Deal Fails

摘要

Nexus Energy's planned A$155 million (US$132 million) sale of a 50% stake in the Longtom gas project to fellow Australian junior AED Oil has fallen through after a delay in completing construction work (IOD May29,p4). The collapse of the deal means cash-strapped Nexus will have to refund a A$35 million deposit to AED, together with annualized interest at 15% accruing from May 28. The sale "cannot proceed in the absence of further agreement with AED," Nexus said in a statement Friday.