Nexus Energy

Nexus Energy (NXS) rejects the talks that it had given up control of its Crux liquefied natural gas (LNG) field after it handed 80 per cent of its ownership to petroleum giant Royal Dutch Shell for no cash cost last Tuesday. Shell, who is now in control to develop and operate the project, intends to pipe gas from Crux to a Prelude floating liquified natural gas vessel in Western Australia's Browse Basin.

Nexus Energy (NXS), a company which operates in the oil and gas exploration and production industry with a market capitalisation of $293.1 million was the best performer of the 42nd week in the Australian Stock Exchange with a gain of 23.4 percent closing the week at 40 cents.

Bank of Scottland has forced Nexus Energy (NXS) to raise its capital in order to finish its Longtom gas project in Bass Strait. The latest delay with the project has pushed the company’s $155 million worth of deal with AED oil into uncertainty. According to the deal, AED is suppose to buy half of the project. Through raising managed by Southern Cross Equities, Nexus is expected to raise about $50 to $100 million.

Transfield Services (TSE), a company that provides services in sectors like maintenance, operations, assets and project management was the worst performer in the ASX100 index losing 13.4 percent or 36 cents in its stock price and was closed for the week at $2.31.

Among the best performing stocks last week (week 42) on the Australian sharemarket were a mixture of energy and mining companies: Nexus Energy (NXS), Paladin (PDN), Pan Australian Resources (PNA), AWB, Mt Gibson Iron (MGX), Sino Gold (SGX), Roc Oil (ROC) and Flight Centre (FLT). All the above best performing stocks for week 42 stocks managed more than 10 percent gain on the trading week. Nexus Energy was the overall winning stock taking in a 16 percent increase after new company takeover speculation and the recent increase in the oil price.