Noble Energy Abandons Well in Gulf of Mexico
April 08 2016 - 9:45AM
Dow Jones News
By Joshua Jamerson
Noble Energy Inc. said it would abandon one well in the gulf of
Mexico and move on to another, as drilling operations at its
Silvergate site didn't find commercial deposits of oil and gas.
The oil and natural gas producer said the Silvergate exploration
well, which it operated with a 50% working interest, is being
plugged. The company said its overall exploration expense in the
first quarter is now expected to be toward the higher end of its
previously-given guidance range of $130 million to $170
million.
Noble said it would start drilling an appraisal well at its
Katmai oil discovery site, testing resource potential beyond the 40
million to 60 million barrels of oil equivalent that has already
been discovered. Noble, which operates Katmai and has a 38% working
interest in the appraisal well, said it expected results in the
early part of the fourth quarter.
Potential development at Katmai would likely involve a subsea
tie-back into existing infrastructure, the company said.
The company is expected to report first-quarter results on May
4.
Noble shares are down 38% in the past 12 months.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
April 08, 2016 09:30 ET (13:30 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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