By Everdeen Mason
Noble Energy Inc. (NBL) disclosed two new discoveries of crude
oil and natural gas as the exploration company seeks to meet
growing demand for the resources.
Noble found 120 net feet of crude oil pay in two Miocene
reservoirs at the Dantzler exploration well in the Deepwater Gulf
of Mexico. The company also found 335 feet of net natural gas pay
at its Tamar Southwest exploration well offshore Israel.
Noble now estimates resources at the Dantzler well, located in
the Mississippi Canyon 782, to be between 55 million and 95 million
barrels of oil equivalent. Noble has a 45% interest in Dantzler,
partnering with Ridgewood Energy Corp. and W&T Offshore Inc.
(WT).
Resources at the Tamar well are between 640 billion cubic feet
and 700 cubic feet of natural gas. The Tamar well productivity is
expected to be 250 million cubic feet of natural gas a day.
Noble said it would release the drilling rig at Tamar to another
operator when operations are complete. Noble has a 36% interest in
Tamar.
"These new discoveries, combined with our exploration and
appraisal successes earlier this year, have continued our
successful organic exploration track record and identified new
sources of future growth for Noble Energy," said Mike Putnam, Noble
Energy's vice president of exploration and geoscience.
Noble has seen its earnings ebb and flow as the company's
hedging costs and volatile gas prices affect rising volume and
sales.
Noble shares were up 1% at $70.25 in premarket trading. As of
Tuesday's close of $69.51, stock is up 45% in the past 12
months.
Write to Everdeen Mason at everdeen.mason@wsj.com
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