Nexen's GOM Kakuna Well Disappoints

Nexen Inc. reported that drilling operations are complete on the Kakuna sub-salt exploration well on Green Canyon block 504 in the deepwater Gulf of Mexico. The well did not encounter commercial hydrocarbons, and is now in the process of being plugged and abandoned.

Kakuna was drilled to a depth of 30,300 feet at a total cost of approximately $120 million, net to Nexen ($80 million after-tax).

Nexen holds a broad inventory of exploration prospects in the Gulf of Mexico, including the sub-salt Miocene play in the central Gulf of Mexico and the Norphlet play surrounding our Appomattox discoveries. Nexen continues to advance exploration and appraisal work in the Appomattox area, where it has discovered over 500 million barrels of resource (115 million net to Nexen) to date.

Nexen's 2012 exploration program includes approximately 15 offshore exploration and appraisal wells in the UK North Sea, West Africa and the Gulf of Mexico. We have made major discoveries in each of our offshore plays in the last few years, including Appomattox (Gulf of Mexico), Golden Eagle (UK North Sea) and Owowo South B (West Africa).

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