Noble Energy Announces Increase In Leviathan Resource Estimate
HOUSTON, March 6, 2013 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL) today announced results from its second Leviathan appraisal well located in the Rachel license offshore Israel. The Leviathan #4 appraisal well was drilled to a total depth of 16,992 feet and encountered 454 net feet of natural gas pay in multiple intervals, the thickest net pay of any well drilled to date at Leviathan. Reservoir quality and the field-wide gas/water contact were confirmed at the well location and 240 feet of core were recovered. These results have enhanced the Company's understanding of the reservoir, which has led to an increase in the estimated recoverable gross mean resources of the field to 18 trillion cubic feet (Tcf) with a range(1) of 15 to 21 Tcf.
Charles D. Davidson, Noble Energy's Chairman and CEO, commented, "The successful Leviathan #4 well has provided us with additional information to improve our knowledge of this enormous resource. Our teams are working with our partners and the Israeli government towards sanction of a domestic project at Leviathan this year."
Following operations at Leviathan #4 and pending partner approval, the Ensco 5006 rig will be relocated to the Karish prospect in the Alon C license offshore Israel. The Karish prospect has a pre-drill gross mean resource estimate of 3.0 Tcf with a range(1) of 2.3 to 3.6 Tcf and is expected to reach total depth in the second quarter.
The negotiations between the partners in Leviathan and Woodside Petroleum Ltd. (ASX: WPL) are ongoing. The parties remain committed to the execution of the farmout agreement supporting the development of the Leviathan resources.
Noble Energy operates Leviathan with a 39.66 percent working interest. Other interest owners in the well are Delek Drilling and Avner Oil Exploration with 22.67 percent each and Ratio Oil Exploration with the remaining 15 percent.
Noble Energy operates Karish with a 47.06 percent working interest. Other interest owners in the well are Delek Drilling and Avner Oil Exploration with 26.47 percent each.
(1) Range of resource estimate is based on 75th and 25th percentile probabilities.
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 Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as "anticipated," "intends," "indicates," "suggests," "possibility," "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 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, difficulties or delays in finalizing definitive documents governing the transaction described in this news release, government approvals, regulations or other actions, the volatility in commodity prices for crude oil and natural gas, exploration and development risks, drilling and operating risks, the presence or recoverability of estimated reserves, environmental risks, competition, 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.
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 mean resource estimate". These estimates are by their 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.
SOURCE Noble Energy