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Nexen: Sale of interest in Perth Field

UK North Sea

London - October 2010

Deo Petroleum has announced the proposed acquisition of UKCS Block 15/21 potential development assets from Nexen Petroleum UK. The Company has also announced a placing to raise £16 million and readmission to trading on AIM.


Conditional agreement to acquire 42.08 per cent. working interest in certain licence areas in UK Central North Sea from Nexen;

Proposed placing of ordinary shares to raise £16 million (before expenses) at 45 pence per ordinary share;

Proposed acquisition consititutes a reverse takeover under AIM rules - shareholder approval to be sought at general meeting;

Application to be made to London Stock Exchange for enlarged share capital to be admitted to trading on AIM;

Licences to be acquired are P588 (Blocks 15/21c (All) and 15/21b (Residual Area)) and P218 (Block 15/21a (Residual Area)), referred to as Perth Core, Perth North, Perth Beta Terrace and Perth Beta East;

Temporary suspension expected to be lifted on 8 October 2010 upon publication of AIM Admission Document.

Stellar acted as advisors to Nexen Petroleum.