Nexen Shows Success with Usan-2 Appraisal Well

Nexen reports drilling results from two successful appraisal wells on OPL-222, approximately 60 miles offshore Nigeria. Both wells encountered significant net oil pay in multiple zones. Usan-2 was drilled to appraise the previously announced Usan discovery. Usan-2 is located approximately two miles west of the discovery well, Usan-1, and tested an up-dip portion of the fault block. Usan-3 was drilled approximately one mile northwest of the discovery well and tested a separate fault block.

One zone in the Usan-3 well was production tested and produced 5,600 barrels of oil per day under restricted flow conditions. Ukot-2, an appraisal well on the separate Ukot discovery, is scheduled to spud within the next two weeks.

The Usan field was discovered in 2002. The discovery well encountered significant net oil pay and was production tested at a restricted rate of 5,000 barrels per day (as previously released). The Ukot field was discovered in 1998. The discovery well also encountered significant net oil pay and was tested at a rate of 13,900 barrels per day (as previously released).

"We are very excited about the potential of this block," said Charlie Fischer, President and CEO. "Each well has provided incentive to keep the program moving forward. We are currently evaluating additional drilling opportunities on the block."

Nexen has a 20% interest in the block which is operated by Elf Petroleum Nigeria Limited, a subsidiary of TotalFinaElf. Other partners are Esso Exploration and Production Nigeria (Offshore East) Limited and Chevron Petroleum Nigeria Ltd.

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