NEWS BULLETIN

April 03, 2015 --- Vol. 21, No. 13April 2015

Caelus sanctions Nuna development

Caelus Natural Resources Alaska LLC has sanctioned the Nuna development.

The local subsidiary of a Texas-based independent made the decision known in a March 2015 letter to the Alaska Department of Natural Resources. The company said it had made an internal decision to sanction the project back in September 2014, subject to the approval of a royalty modification request, which the state approved earlier this year.

Nuna is a satellite of the Oooguruk unit, a nearshore oil development northwest of the Kuparuk River unit on the North Slope. Caelus acquired both the unit and the satellite when it acquired the Alaska assets of Pioneer Natural Resources Alaska Inc. last year.

The company told state officials it has already "prepared and executed" 16 authorizations for expenditure totaling more than $480 million and intended to prepare another 31 authorizations for expenditure. Altogether, the project will cost more than $800 million.

- ERIC LIDJI

See story in April 12 issue, available online Friday, April 10 at www.PetroleumNews.com


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