HOUSTON, July 15 /PRNewswire-FirstCall/ -- Noble Energy, Inc. (NYSE:NBL) today provided an update on its exploration activities in West Africa and the deepwater Gulf of Mexico.
Offshore Equatorial Guinea, the Company is drilling its Diega prospect and results to-date confirm the discovery of multiple hydrocarbon-bearing reservoirs. Initial formation logs have identified 38 feet of net gas- condensate pay in the primary zone which correlates to earlier discoveries in the region. A deeper previously untested feature was also discovered and found to contain 30 feet of net gas-condensate pay underlain by 37 feet of net oil pay. Preliminary analysis suggests that liquid yields from the gas zones are expected to be greater than at the Belinda gas-condensate discovery on Block "O." Once drilling operations are concluded, a testing program will commence. Diega, the second oil discovery by Noble Energy and its partners on Block "I," represents the sixth successful well drilled on the block with no dry holes. Noble Energy is the technical operator on the block with a 40 percent participating interest.
In the deepwater Gulf of Mexico, the Company and its partners identified a high-quality reservoir at the Tortuga prospect within Mississippi Canyon Blocks 561 and 605. The well, drilled to a total depth of 19,885 feet, encountered natural gas in a secondary objective. The primary objective was determined to be wet. The well has been temporarily abandoned pending future development plans. Noble Energy operates the discovery with a 50 percent working interest.
The Company also announced that its Stones River exploration well, located in Mississippi Canyon Block 285 and drilled to a total depth of 9,800 feet, was unsuccessful. Noble Energy operated the prospect with a 100 percent working interest. The Diamond 'Ocean Quest' rig has subsequently moved to drill an appraisal well at Raton South, where the Company has a 62 percent operated working interest in the discovery on Mississippi Canyon 292.
In addition, Noble Energy is participating in the current drilling of the Gunflint/Freedom prospect at Mississippi Canyon Block 948. The well is expected to reach its proposed depth of 31,000 feet later in the third quarter. The Company has a 37.5 percent working interest in the prospect.
Based on these results and combined with other exploration activity in the second quarter, Noble Energy anticipates it exploration expense for the second quarter to be between $100 and $110 million. With the increased activity level, the Company now expects full-year exploration expense to be at the upper end of its initial guidance of $240 to $310 million.
Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production. The Company operates primarily in the Rocky Mountains, Mid-Continent, and deepwater Gulf of Mexico areas in the United States, with key international operations offshore Israel, UK and West Africa. Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol 'NBL.' Visit Noble Energy online at http://www.nobleenergyinc.com/.
This news release may include projections and other "forward-looking statements" within the meaning of the federal securities laws. Any such projections or statements reflect Noble Energy's current views about future events and financial performance. No assurances can be given that such events or performance will occur as projected, and actual results may differ materially from those projected. Risks, uncertainties and assumptions that could cause actual results to differ materially from those projected include, without limitation, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government regulation or other action, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's business that are detailed in its Securities and Exchange Commission filings. Words such as "anticipates," "believes," "expects," "intends," "will," "should," "may," and similar expressions may be used to identify forward-looking statements. Noble Energy assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.
For additional information - website http://www.nobleenergyinc.com/ http://www.newscom.com/cgi-bin/prnh/20021210/NBLLOGO http://photoarchive.ap.org/ DATASOURCE: Noble Energy, Inc.
CONTACT: David Larson, +1-281-872-3125, , or Brad Whitmarsh, +1-281-872-3187, , both of Noble Energy, Inc.
Web site: http://www.nobleenergyinc.com/
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