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Farming into deepwater prospect in Gulf of Mexico

June 8, 2011, 15:00 CEST
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Erik Finnstrom, Statoil Exploration North America senior vice president

“Our agreement is with a subsidiary of Nexen Inc. (NXY), and the partnership plans on drilling an exploration well on this attractive Miocene structure later this year,” says Statoil Exploration North America senior vice president Erik Finnstrom.

A federal exploratory unit for Kakuna has been approved by the Bureau of Ocean Energy Management and Regulatory Enforcement (“BOEMRE”) in the United States.  It encompasses Green Canyon blocks 416 (W ½), 460, 504, 505 (W ½), 548 and 549.

The BOEMRE has determined that the exploration plan for Kakuna is complete and is currently reviewing the application for drilling the well.

Provided all required permits are approved by the BOEMRE, operations on the well will commence in Green Canyon block 504 in the second half of 2011.

Statoil controls 27.5% of the prospect, and Nexen, who controls the remaining 72.5%, is the operator.

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