LGX Oil + Gas Inc ROAOF

There's More North Sea Oil Out There!

[kolzee]

Nexen Announces Results of Hobby Test in the North Sea CALGARY, ALBERTA, Mar 10, 2009 (Marketwire via COMTEX News Network) -- Nexen announces that it has made a discovery in the UK North Sea at Hobby located on Block 20/1N, approximately 1.5 kilometres west of the operated Golden Eagle discovery. The well encountered a significant oil column which was drill-stem tested and flowed at an average restricted rate of 5,500 bopd through a 56/64 inch choke. Early analysis indicates high quality crude oil in good quality reservoir sands. We are planning to drill multiple sidetracks to determine the extent of this discovery. Hobby is part of the growing Golden Eagle area, which includes other exciting discoveries at Golden Eagle and Pink. We have a 34% interest in both Hobby and Golden Eagle, 46% interest in Pink and operate all three. We have identified additional drilling opportunities in the area and have plans for further offset exploratory and appraisal drilling this year. "We are very excited about the number of discoveries we are making in the Golden Eagle area just north of our world-class Buzzard asset," commented Marvin Romanow, Nexen's President and Chief Executive Officer. "The development of these discoveries is economic at current commodity prices and will allow us to continue growing our production in the North Sea." Nexen Inc. is an independent, Canadian-based global energy company, listed on the Toronto and New York stock exchanges under the symbol NXY. We are uniquely positioned for growth in the North Sea, Western Canada (including the Athabasca oil sands of Alberta and unconventional gas resource plays such as coalbed methane and shale gas), deep-water Gulf of Mexico, offshore West Africa and the Middle East. We add value for shareholders through successful full-cycle oil and gas exploration and development and leadership in ethics, integrity, governance and environmental protection. ----------Original Message Posted 3/10/2009 1:02:24 PM---------- https://www.theherald.co.uk/business/news/display.var.2494434.0.Upbeat_Petrofac_sets_sights_on_North_Sea_deals.php


Petrofac is eyeing North Sea bid targets

As the price of crude heads higher, so does the appetite of the buyers interesting rise, surely Oilexco is going to get bought up as a whole, and as crude rises so does the demand an offers, imo