Aussie E&P outfit Nexas Energy will merge with Anzon Australia and Anzon Energy, though a three-month period of shareholder approval awaits the cash and stock offer for both worth combined A$367 million.

The new combined company, worth some A$1.5 billion, will have much gas to sell domestically, with new projects set for growth into liquefied natural gas sales. Nexas Energy oil reserves will rise 32 percent to 169 barrels of oil equivalent, good for No. 3 on the Australian Stock Exchange by reserves.

The new Nexas will fund operations with cash from 4,600 bpd from Basker Manta’s oil production, a number set to double as modifications to plant go in.

“In the short term, net oil production is forecast to rise to 16,900 barrels of oil equivalent per day in 2009,” a statement said, adding that by 2011, gas liquids from Basker Manta Gummy will boost production to 57,000 boepd.

Tags: Anzon Energy Limited, Nexus Energy