Monday, February 21, 2011

Nexen plans to follow in Encana's footsteps in finding a joint-venture partner

Nexen Inc has initiated a process to seek a joint venture partner for various portions of the company’s northeast British Columbia shale gas acreage. The company has engaged Bank of America Merrill Lynch as its exclusive advisor on this sale process.

Northeast BC shale gas:
-- 300,000 acres (100% working interest) split over three areas of Horn River, Cordova and Liard
-- Horn River is median depth and GIP; Cordova is shallower, lower GIP; Liard is deeper, potentially higher GIP
-- Delivered drilling, fracing and completions program at industry-leading pace with a 100% success rate
-- Successfully drilled and brought on-stream of eight-well pad and commenced drilling another nine-well pad late in the year; New industry record of 3.5 fracs/day on our 8-well pad
-- 8-well pad program adding 50 MMcf/d in early 2011
-- ~4 to 15 Tcf of contingent resource in the Horn River and Cordova basins and 5 to 23 Tcf of prospective resource in the Liard basin
-- The company is also progressing plans to drill an 18-well pad in the second half of 2011. First shale gas production from the nine-well pad is expected in Q4-2011, while production from the 18-well pad would be in late 2012.

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