Nexen Inc. 7.35% Sub Notes 2043 NXY.P.B

RE: RE: RE: Ottawa Malaysia's Petronas Progress En

[Nawaralsaadi]

I actually think this is bullish for the Nexen deal, I think the government is using the Progress review as a way to show that those deals are not rubber stamped, now the media will cover this rejection for the next couple of weeks and thus communicating to Canadians that the government is “doing its job”, Petronas already had a JV with Progress to build the LNG terminal and develop their Montney acreage so they are taking little risk by blocking the deal, even if Petronas doesn’t come back with better terms, the JV should still go through.

Rejecting both the Progress and Nexen deal would send a terrible message to the investment community that can halt the development of Canada energy resources, this is another reason why this rejection is bullish for the Nexen deal, they decided to play hard ball with Malaysia and will likely give a pass to China, even though if Petronas comes back with better terms they will likely approve that deal as well.

It is shameful however that Progress and its investors are being used and abused in this manner, but this is politics at its finest!.

Regards,

Nawar