The estimations are based on the assessment of the data acquired to date by the company, including three exploration wells, nine appraisal wells, three drill-stem tests, one injectivity test and extensive core data.
Nexen expects to continue appraisal drilling in the area for the remainder of the year. The company is evaluating development options as it move towards project sanction.
The Golden Eagle area includes our 34% operated interest in both the Golden Eagle and Hobby discoveries and our 46% operated interest in the Pink discovery.
“The Golden Eagle area is shaping up to be a significant development for Nexen and after Buzzard, it is the largest oil find in the UK North Sea in the last decade,” commented Marvin Romanow, Nexen’s President and Chief Executive Officer. “Not only are the economics attractive at oil prices as low as US$40/bbl but with Buzzard at peak rates for the next five years or so, this development allows us to keep growing our presence in the North Sea.”
