Nexen Approves Development of Ettrick Field

Ettrick Field - North Sea
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Nexen has approved a plan to develop the Ettrick field located on Blocks 20/2a and 20/3a in the UK sector of the North Sea subject to approval by the co-venturers and the UK government. The plan includes drilling three production wells tied back to a floating production, storage and offloading vessel. Production from the field is expected to begin in early 2008, with our share reaching approximately 16,000 boe/d. Our share of full-cycle development costs are estimated to be $460 million, with approximately $90 million invested in 2006. This amount was included in our previously announced capital budget. Nexen is the operator of Ettrick with an 80% working interest. Other co-venturers include Bow Valley Energy Ltd. with 12% and Atlantic Petroleum with 8%.

"This is a solid project that adds certainty to our production profile beyond 2007," said Charlie Fischer, Nexen's President and CEO. "The North Sea is important to our overall growth strategy and Ettrick is a stepping stone to growing a sustainable business in this area."

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