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    Nuevo provides drilling update

    News // March 9, 2001
    Nuevo Energy Company has announced that it has plugged and abandoned the NAK #1 well, the first exploration well in its 1.9-million-acre Accra-Keta Permit offshore the Republic of Ghana, as a dry hole. The well was drilled in 1,021 feet of water to a total depth of 10,100 feet. Nuevo is the operator of the Accra-Keta Permit with a 50 per cent interest and has three partners in the block. The cost for the NAK #1 well is estimated to be approximately $12.5 million (approximately $1.5 million net to Nuevo).

    "We continue to be enthusiastic about the potential for discovering significant reserves in our extensive holdings offshore Ghana, even though this is a wildcat area with a high level of risk," said Doug Foshee, Chairman and CEO of Nuevo. "Over the coming months, we will evaluate the NAK #1 well results, along with other technical data, in order to determine our next steps in this Permit."

    In addition to its interests offshore Ghana, Nuevo owns interests in three permits totalling approximately 2.2 million gross acres onshore and offshoreTunisia and plans to drill two wells targeting light oil in its Tunisian assets in 2001.

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