Nexen Unlocks Oil at Hobby Near Golden Eagle Find

Nexen has announced an oil discovery at the Hobby exploration well, where Nexen is the operator with a 34% interest. Drilled by the Transocean Prospect semisbu, the discovery is located in the UK Central North Sea Block 20/1N approximately 1.5 km west of the recent Golden Eagle discovery.

Future appraisal and development options are being considered in the Golden Eagle area, which includes discoveries at Golden Eagle, Pink and now Hobby.

In addition to Nexen, co-venturers in the Hobby discovery are Maersk Oil (36%), PetroCanada (25%) and Edinburgh Oil & Gas (5%).

Managing Director Kurt Normann Nielsen, representing Maersk Oil in Aberdeen, said, "We are encouraged by the continuing exploration success in the Golden Eagle area. After further assessment we hope to be able to confirm commerciality and integrate this latest discovery into a combined development with our other discoveries in the Golden Eagle area."

Golden Eagle

In the first quarter of 2007, the Golden Eagle discovery well was drilled to a depth of approximately 7,500 feet and encountered 123 feet of net pay. A successful sidetrack well was drilled to appraise the accumulation, and Nexen is currently evaluating development options. The current estimate of gross resource for the field is between 20 and 50 mmboe.


In the fourth quarter of 2008, Nexen drilled a discovery at Pink that encountered 57 feet of net oil pay. This discovery was followed up with a sidetrack delineation well that encountered 134 feet of net oil pay. These results are encouraging and consistent with pre-drill estimates. Pink is a candidate for co-development with Golden Eagle where Nexen is currently reviewing development options.


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