HOUSTON, Jan. 17 /PRNewswire-FirstCall/ -- Noble Energy, Inc. (NYSE: NBL)
announced today a natural gas discovery at the Tamar prospect in the Matan
license, offshore Israel. The Tamar #1 well, located in approximately 5,500
feet of water, was drilled to a total depth of 16,076 feet to test a subsalt,
lower-Miocene structure in the Levantine basin. Formation logs identified
more than 460 feet of net pay in three high-quality reservoirs. The thickness
and quality of the reservoirs encountered were greater than anticipated at the
Charles D. Davidson, Noble Energy's Chairman, President and CEO, said,
"Tamar represents our first exploratory well offshore Israel in more than five
years, and we are extremely excited by the results. This is one of the most
significant prospects that we have ever tested and appears to be the largest
discovery in the company's history. Early indications are that the resources
identified are very substantial, at least equal to our pre-drill estimated
gross mean resources of over three trillion cubic feet. Subject to the
collection of additional data, the resource estimate for Tamar could further
increase. This discovery continues to highlight the potential of our global
programs and further demonstrates the significant value generated from our
best-in-class exploration efforts."
"We were also very pleased with the drilling operations of this well,
despite the uncertain conditions that exist when drilling in a highly
under-explored area, with the nearest well control over 60 miles away,"
Production testing at Tamar will be performed after the well is completed.
Noble Energy and its partners may keep the rig to drill up to two additional
wells in the basin. Pending positive test results, one well could be an
appraisal at Tamar. In addition, the partners are considering drilling a
second subsalt, lower Miocene prospect.
Noble Energy operates the well with a 36 percent working interest. Other
interest owners in the well are Isramco Negev 2 with 28.75 percent, Delek
Drilling with 15.625 percent, Avner Oil Exploration with 15.625 percent and
Dor Gas Exploration with the remaining four percent.
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
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.
The United States Securities and Exchange Commission permits oil and gas
companies, in their filings with the SEC, to disclose only 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. We use certain terms in this news release, such as
"resources," that the SEC's guidelines strictly prohibit us from including in
filings with the SEC. Investors are urged to consider closely the disclosures
and risk factors in our Forms 10-K and 10-Q, File No. 1-07964, available from
Noble Energy's offices or website, http://www.nobleenergyinc.com. These forms
can also be obtained from the SEC by calling 1-800-SEC-0330.
SOURCE Noble Energy, Inc.
CONTACT: David Larson, +1-281-872-3125, email@example.com, or
Brad Whitmarsh, +1-281-872-3187, firstname.lastname@example.org
Web Site: http://www.nobleenergyinc.com