Breitling Oil and Gas Morning Podcast #239 2-14-13

Nexen Inc. received approval from the Committee on Foreign Investment in the United States
(CFIUS) regarding its CNOOC Ltd.’s $15.1 billion acquisition of Nexen.

All of the requisite approvals have been received now for the transaction to proceed to close,
Nexen said. That includes approvals from Canada, the UK, the European Union, and China

Closing is expected the week of Feb. 25, Nexen said.

Nexen’s assets in the UK, US, and other countries will continue to be managed from its regional
offices, and CNOOC will retain the current management and employees in those operations.

Previously, CNOOC said it is committed to Nexen’s assets in the UK and will maintain its
operations in the US Gulf of Mexico and offshore Nigeria.

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