Noble Energy Provides Update on Eastern Mediterranean Drilling Schedule

HOUSTON, Sept. 27, 2011 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL) announced today it has revised drilling plans for the three deepwater rigs it has under contract in the offshore Eastern Mediterranean.  The Ensco 5006 rig (formerly the Pride North America), which has experienced multiple subsea equipment issues, will move off the Leviathan #3 well to have repairs performed to its riser system.  Upon completion of that repair work, the rig is expected to drill the Dolphin prospect located on the Hanna license, offshore Israel.  

The Transocean Sedco Express, currently at Tamar, is preparing to move to the Leviathan #3 location to conclude the drilling of that well.  The rig is then expected to drill up to two exploration prospects before returning to Tamar to finish development drilling and perform completion work.  These changes will not affect the timing of the Tamar development which remains on schedule for commissioning in late 2012.  The drilling operations by the Sedco Express have gone extremely well.

The Noble Corporation Homer Ferrington rig recently drilled two development wells at Noa.  The drilling activities were completed two weeks ahead of schedule and significantly below budget.  The Noa completion operations are planned to commence in the first half of 2012.  The Company has subsequently moved the Homer Ferrington to Block 12 offshore Cyprus, where it is drilling the Cyprus A prospect.  Once finished with Cyprus A, the rig will relocate back to Israel.

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, 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 includes projections and other "forward-looking statements" within the meaning of the federal securities laws. Such projections and 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 timing to close the transaction, the failure to satisfy closing conditions to the transaction, Noble Energy's ability to achieve the benefits contemplated by the transaction, the diversion of management time on transaction-related issues, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, drilling and operating risks, exploration and development risks, government regulation or other action, the ability of management to execute its plans to meet its goals, competition, the ability to replace reserves, environmental risks 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.  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, www.nobleenergyinc.com. These forms can also be obtained from the SEC by calling 1-800-SEC-0330.

SOURCE Noble Energy, Inc.