Nexen Petroleum U.S.A. Inc.

Transaction Type
Basin
Gulf of Mexico
Field
Green Canyon
Post Date
Close Date
Estimated Price
MM
Description

Nexen Petroleum U.S.A. Inc. has retained Jefferies Randall & Dewey to farm out a majority interest and operatorship in two 100% working interest discoveries in the Green Canyon area of the deepwater Gulf of Mexico. Base case reserves are 195 billion cubic feet equivalent net. A four-well drilling program is planned with first production in 2012. Upside case reserves are 260 billion equivalent net. Powell discovery well (GC 461 #1) was drilled in 1998 to a total depth of 20,500 feet and encountered 150 feet net pay including 107 feet of net gas in the main pay sand. The well was sidetracked to delineate the discovery. Nexen holds 100% working interest. Fuji discovery well (GC 506 #1) was drilled in 1995 to a total depth of 21,200 feet. The well encountered 192 feet of net pay in a series of saturated sands in the Pliocene section. Nexen holds 100% working interest. The bid due date is Dec. 4. Contact Bill Marko, 281-774-2000.