Nexen (NXY) abandons its Kakuna exploratory well in the deepwater Gulf of Mexico after failing...

|By:, SA News Editor

Nexen (NXY) abandons its Kakuna exploratory well in the deepwater Gulf of Mexico after failing to find oil or natural gas in commercial quantities. The well is in an area where NXY had already discovered more than 500M barrels of resources; it had been drilled to a depth of more than 30K feet at a cost of ~$120M.