Noble Energy Provides Gulf of Mexico Drilling Update
April 08 2016 - 8:10AM
Noble Energy, Inc. (NYSE:
NBL) today announced
that drilling operations at the Silvergate exploration well,
drilled on Mississippi Canyon Block 339, have been completed.
The well did not encounter commercial hydrocarbons and is being
plugged and abandoned. Noble Energy operated the well with a 50
percent working interest. Costs associated with the well will
be recorded in results for the first quarter of 2016. Total
exploration expense for the Company in the first quarter of 2016 is
now expected to be towards the upper end of the previously-provided
$130 to $170 million guidance range.
Upon completion of operations at Silvergate, the
rig will move to Green Canyon Block 39 and commence drilling an
appraisal well at the Katmai oil discovery. The appraisal
well is designed to test additional gross resource potential beyond
the 40 to 60 million barrels of oil equivalent already discovered.
Results from the Katmai appraisal well are expected in the
early part of the fourth quarter of 2016. Potential
development at Katmai would likely involve a subsea tie-back into
existing infrastructure. Noble Energy operates Katmai and has
a 38 percent working interest in the appraisal well.
Noble Energy (NYSE: NBL) is an
independent oil and natural gas exploration and production company
with a diversified high-quality portfolio of both U.S.
unconventional and global offshore conventional assets spanning
three continents. Founded more than 80 years ago, the company is
committed to safely and responsibly delivering our purpose:
Energizing the World, Bettering People’s Lives®. For more
information, visit www.nobleenergyinc.com.
Forward Looking StatementsThis news release
contains certain “forward-looking statements” within the meaning of
federal securities law. Words such as “anticipates”,
“believes”, “expects”, “intends”, “will”, “should”, “may”, and
similar expressions may be used to identify forward-looking
statements. Forward-looking statements are not statements of
historical fact and reflect Noble Energy’s current views about
future events. They include estimates of oil and natural gas
reserves, estimates of future production, assumptions regarding
future oil and natural gas pricing, planned drilling activity,
future results of operations, projected cash flow and liquidity,
business strategy and other plans and objectives for future
operations. No assurances can be given that the
forward-looking statements contained in this news release will
occur as projected and actual results may differ materially from
those projected. Forward-looking statements are based on
current expectations, estimates and assumptions that involve a
number of risks and uncertainties that could cause actual results
to differ materially from those projected. These risks
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 actions, the
ability of management to execute its plans to meet its goals and
other risks inherent in Noble Energy’s business that are discussed
in its most recent annual report on Form 10-K and in other reports
on file with the Securities and Exchange Commission. These reports
are also available from Noble Energy’s offices or website,
http://www.nobleenergyinc.com. Forward-looking statements are
based on the estimates and opinions of management at the time the
statements are made. Noble Energy does not assume any
obligation to update forward-looking statements should
circumstances, management’s estimates, or opinions change.
The Securities and Exchange Commission requires oil and gas
companies, in their filings with the SEC, to disclose proved
reserves that a company has demonstrated by actual production or
conclusive formation tests to be economically and legally
producible under existing economic and operating conditions. The
SEC permits the optional disclosure of probable and possible
reserves, however, we have not disclosed the Company’s probable and
possible reserves in our filings with the SEC. We use certain terms
in this news release, such as “gross resource potential.” This
estimate is by its nature more speculative than estimates of
proved, probable and possible reserves and accordingly are subject
to substantially greater risk of being actually realized. The SEC
guidelines strictly prohibit us from including these estimates in
filings with the SEC. Investors are urged to consider closely the
disclosures and risk factors in our most recent annual report on
Form 10-K and in other reports on file with the SEC, available from
Noble Energy’s offices or website,
http://www.nobleenergyinc.com.
Investor Contacts
Brad Whitmarsh
(281) 943-1670
brad.whitmarsh@nblenergy.com
Megan Repine
(832) 639-7380
megan.repine@nblenergy.com
Media Contacts
Reba Reid
(713) 412-8441
media@nblenergy.com
Paula Beasley
(281) 876-6133
media@nblenergy.com
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