Nexen Strikes Gas at Ringo Prospect

Nexen says that drilling and logging operations on the Ringo prospect, located in Mississippi Canyon Block 546 in the Gulf of Mexico, have concluded. The well encountered approximately 150 feet of net gas pay. Conventional cores were taken throughout the productive intervals and the analysis indicates good quality reservoir sands. The discovery well is located in 2,500 feet of water, approximately 120 miles northeast of our Aspen field. Nexen is the operator of the block with a 50% working interest. ENI S.P.A. holds the remaining 50% interest.

The Ringo well commenced drilling on May 28, 2006 and was drilled by the Transocean Amirante semi submersible drilling rig to a total depth of 12,808 feet. We are currently installing a production liner and are evaluating tie back options to nearby facilities. The resource range for Ringo is estimated to be within our pre-drill estimates of 60-170 bcfe and will be confirmed with additional drilling.

"We are pleased with the results of our Gulf of Mexico exploration program," said Charlie Fischer, Nexen's President and CEO. "Including Ringo, this program has resulted in seven discoveries over the past 18 months, including major discoveries at Knotty Head (Green Canyon Block 512) and Alaminos Canyon Block 856."

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