Noble Energy Announces Big Bend Discovery And Scotia Results
HOUSTON, Nov. 27, 2012 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL) today announced a discovery at the Big Bend exploration prospect in the deepwater Gulf of Mexico. The well, located in 7,200 feet of water on Mississippi Canyon Block 698, was drilled to a total depth of 15,989 feet. Open-hole logging identified approximately 150 feet of net oil pay in two high-quality Miocene reservoirs.
Charles D. Davidson, Noble Energy's Chairman and CEO, said, "The discovery at Big Bend is an exciting follow-up to our recent success at Galapagos. The well results appear at least as good as our pre-drill mean resource expectations and de-risked our offset prospect Troubadour. The combination of excellent reservoir properties, fluid characteristics and our high working interest in this project will contribute significant production and cash flow for our business."
Noble Energy operates with a 54 percent working interest in Big Bend. Other interest owners are W&T Energy VI, LLC (a wholly owned subsidiary of W&T Offshore Inc.) with 20 percent, Red Willow Offshore, LLC with 15.4 percent and Houston Energy Deepwater Ventures V, LLC with 10.6 percent.
The Company also announced that the Scotia exploration well offshore Falkland Islands was drilled to a depth of 18,226 feet and reached its Cretaceous objective as expected on 2D seismic. The well experienced hydrocarbon shows while drilling the target section. Initial log analysis identified 164 feet of low quality reservoir. The operator of the well, Falklands Oil and Gas plc. (FOGL), now intends to plug and abandon the well.
Susan M. Cunningham, Noble Energy's Senior Vice President of Exploration and Business Innovation, commented, "We are encouraged by the well results. Although we did not see a substantial amount of reservoir section, virtually all sandstones with significant porosity in and below the target contained hydrocarbons. Following our imminent acquisition of 3D seismic, we will integrate well results and assess the economic viability of this particular prospect. The 3D seismic will also help identify future exploration activity on our 10 million gross acre position."
Noble Energy holds a 35 percent interest and will become operator of the Northern Area Licenses on March 1, 2013. Partners include FOGL with 40 percent and Edison International Spa with 25 percent.
Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production. The Company has core operations onshore in the U.S., primarily in the DJ Basin and Marcellus Shale, in the deepwater Gulf of Mexico, offshore Eastern Mediterranean, and offshore West Africa. Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL. Further information is available at www.nobleenergyinc.com.
This news release contains certain "forward-looking statements" within the meaning of the federal securities laws. Words such as "will," "expects," "appears," "intends," "indicates," "anticipates," "suggests," "possibility," "believes," "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 planned development activities, 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, exploration and development risks, drilling and operating risks, the presence or recoverability of estimated reserves, the negotiation and execution of definitive agreements, the volatility in commodity prices for crude oil and natural gas, environmental 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 or management's estimates or opinions change.
SOURCE Noble Energy