HOUSTON, Aug. 11, 2014 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL) announced today that it has signed a Production Sharing Contract (PSC) with the Government of Gabon covering Block F15 in the Gabon Coastal Basin. Under the terms of the PSC, Noble Energy will be the Operator with a 60 percent working interest. Noble Energy's partner on Block F15 is Woodside Petroleum Ltd., who will have the remaining 40 percent working interest.
Block F15 is located approximately 140 kilometers (87 miles) off the coast of Gabon and covers over 2,700 square kilometers (670,000 gross acres). Water depths range from 2,300 to 3,000 meters (approximately 7,500 to 9,900 feet). The PSC includes a 4-year seismic commitment and a future option for exploration drilling. The execution of the PSC represents Noble Energy's initial entry into Gabon and meaningfully expands the Company's exploration portfolio.
Susan M. Cunningham, Senior Vice President, Gulf of Mexico, West Africa, and Frontier, said, "The Gabon PSC adds a large and exciting exploration opportunity to Noble Energy's diversified global portfolio. We look forward to working with the Government of Gabon and our partner on this project, which has the potential to contribute significantly to the economy of Gabon, as well as to the local communities. Several substantial subsalt leads have already been identified on the acreage, and we expect the prospectivity of the block will be enhanced as the work program progresses."
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 federal securities law. 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, the ability to replace 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