NEWS BULLETIN

June 17, 2019 --- Vol. 25, No.23June 2019

ConocoPhillips purchases Nuna

ConocoPhillips Alaska has made public its agreement to purchase 100% ownership in the Nuna prospect within the northern section of the Colville-Kuparuk fairway from Caelus Natural Resources. (A Caelus spokesman had told Petroleum News in April that the acreage had been sold and the buyer wanted to withhold its name until later in the summer.)

Five miles southwest of the Oooguruk unit and just east of the Colville River, the Nuna acreage includes 11 tracts covering 21,000 acres.

As a result of the Nuna No. 2 discovery well drilled during the 2012-13 drilling season, former operator Pioneer Natural Resources increased its estimate of the areal extent of and ultimate oil recovery from Nuna. Ultimate development, Pioneer said at the time, would include up to two new gravel drill sites likely connected to the existing Kuparuk River Unit Drill Site 3S. Field life was estimated to be 20-30 years.

In its statement today, ConocoPhillips said over the next several years, it will appraise Nuna with a goal of making a final investment decision.

The transaction is subject to state regulatory approval and has an effective date of June 14.

"This transaction represents an attractive addition to our expanding North Slope position and will allow ConocoPhillips to cost effectively develop Nuna utilizing Kuparuk River unit infrastructure," said Joe Marushack, president of ConocoPhillips Alaska. "We believe this acquisition could lead to more oil production, more revenue for the state and more jobs for Alaskans."

- KAY CASHMAN

See story in June 23 issue of Petroleum News, available online June 21 at www.PetroleumNews.com

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