NEWS BULLETIN

October 25, 2013 --- Vol. 19, No. 64October 2013

Caelus plans move ahead with Nuna development

James Musselman, president and CEO of Caelus Energy LLC, the company that is buying Pioneer Natural Resources’ Alaska properties, said today that his company plans to start work “pretty much immediately” on the development of Nuna, an as-yet undeveloped oil pool under the nearshore waters of the Beaufort Sea in the Oooguruk unit. Pioneer has been conducting appraisal drilling in the Nuna reservoir, but had not yet sanctioned development.

Pioneer has estimated the Nuna reservoir, in the relatively shallow Torok formation, to hold about 50 million barrels of oil.

Musselman, talking during a press availability in Anchorage, said that his company will spend $300 million on its newly acquired Alaska assets, and that it hopes to raise in excess of $1 billion in equity and debt to invest in Alaska, potentially spending $1.5 billion in the state over the next five to six years.

In addition to development work in the Oooguruk field, the prime asset that Caelus is purchasing from Pioneer, Caelus sees significant new exploration potential in Alaska, Musselman said.

—Alan Bailey

See more in Nov. 3 issue, available online at 11 a.m., Friday, Nov. 1 at www.PetroleumNews.com


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