HOUSTON, Nov. 13, 2013 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL) today announced results from the Paraiso-1 exploration well, located in the Tyra Bank concession area offshore Nicaragua. The well, which had hydrocarbon shows and found high-quality Tertiary-age carbonate reservoirs, did not encounter an accumulation of hydrocarbons. Located in a water depth of 1,220 feet, the well was drilled to a total depth of 10,415 feet.
Mike Putnam, Vice President, Exploration and Geoscience, commented, "Paraiso-1 was the first deepwater well drilled offshore Nicaragua and tested a new frontier exploration concept for this region. While we are disappointed that the well did not lead to a discovery, there were several positive observations during drilling. The information gathered from this well will be integrated into our regional geologic model to help us assess the remaining exploration potential over our nearly two million acre position offshore Nicaragua."
Following completion of permanent plugging and abandonment operations at the Paraiso-1 location, the drilling rig will be released. Noble Energy is operator of the well with a 70 percent working interest, subject to final government approvals for the assignment of the remaining interest to other parties.
Noble Energy's total company fourth quarter 2013 exploration expense is estimated to range from $225 to $265 million, including seismic acquisition and processing, unsuccessful well costs, and other geologic and geophysical expenditures. The fourth quarter exploration expense range indicates full year exploration expense to be around the lower end of the Company's original guidance range.
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 "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. 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 and resources, 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, 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 or management's estimates or opinions change.
SOURCE Noble Energy