OTCPK:ATGYF - Post by User
Post by
commoditiesbullon Mar 10, 2009 8:34pm
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Post# 15834959
Nexen Comments on North Sea Discovery (Hobby)
Nexen Comments on North Sea Discovery (Hobby)Nexen issued a statement after close of trading today on their most recent oil discovery. They intend to proceed withdevelopment of a 5500 barrel a day well discovered at their Hobby prospect.
https://www.nexeninc.com/Newsroom/News_Releases/release.asp?ReleaseId=959688
Nexen CEO stated, “"The development of thesediscoveries is economic at current commodity prices and will allow us tocontinue growing our production in the ."
In other words, Nexen has a 5500 barrel a day well that theycan economically bring on-stream at current prices. Antrim’s initial planned wellis larger in size and reserves and should, when judged under Nexen’s forecasting, beequally (if not more) economic at current commodity prices than the full-steam ahead Nexen discovery.
Investors should consider buying the shares of junior oils given the confidence that Nexen is expressing about prospects in the region and firming prices that are supporting the region's economics.