Nexen Estimates 250 MMboe at Appomattox

Nexen reported its resource estimate for Appomattox in the Gulf of Mexico. In the first quarter of this year, we made a significant discovery in the deep-water Gulf of Mexico at Appomattox, located in Mississippi Canyon blocks 391 and 392. Drilling activities resulted in an oil discovery with excellent reservoir quality following an exploration well and two appraisal sidetracks. Based on the results of this drilling, our estimate of recoverable contingent resource for this discovery exceeds 250 million barrels of oil equivalent with upside potential. Once drilling resumes in the Gulf of Mexico, we plan to further appraise Appomattox.

Appomattox is the third discovery in the area following earlier discoveries at Shiloh and Vicksburg. Our drilling plans also include further appraisal at Vicksburg which is located six miles east of Appomattox and has the potential to be co-developed. We have a 25% interest in Vicksburg and a 20% interest in Appomattox and Shiloh. Shell Offshore Inc. operates all three discoveries.

"We are excited with the results of the wells drilled to date and Appomattox has the potential to be our best discovery in the Gulf of Mexico so far," commented Marvin Romanow, Nexen's President and CEO. "Once drilling resumes in the Gulf, we will continue appraisal of the field in order to determine ultimate reserves and move towards development plans which potentially include a new hub."


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