Noble Energy Announces Oil Discovery in Benita Appraisal



    HOUSTON, Oct. 4 /CNW/ -- Noble Energy, Inc. (NYSE:   NBL) today announced
results on its Benita appraisal well on Block "I" offshore Equatorial Guinea. 
The "I-2" appraisal well encountered approximately 148 feet (45 meters) of net
pay of which there is an estimated 33 feet (10 meters) of net gas pay
underlain by 115 feet (35 meters) of net oil pay.  Preliminary PVT analysis
indicates a crude oil gravity of 32 degrees.  The "I-2" well, located in 3,120
feet (951 meters) of water and approximately 26 miles (42 kilometers) east of
Bioko Island, was drilled to a total depth of 10,580 feet (3,225 meters).  It
is approximately 1.9 miles (3.1 kilometers) southwest of the "I-1" well, the
original discovery in the Benita prospect.
    Reservoir quality at the "I-2" location appears similar to that which was
encountered at the "I-1" location.  Well "I-1" encountered an extremely high
quality Miocene reservoir containing 135 feet (41.5 meters) of net hydrocarbon
pay.  Production tests from the well yielded flow rates of 1,038 barrels per
day of condensate and 34.3 million cubic feet per day of natural gas, or
approximately 6,755 barrels of oil equivalent (based upon a natural gas to
crude oil conversion ratio of 6 to 1) per day, with production rates limited
by test facilities.
    Noble Energy and its partners have decided to defer testing of the "I-2"
well and instead plan to secure an additional drilling rig that will be
capable of further appraisal drilling downdip in the Benita oil column, which
is in deeper water.  It is expected that a rig will be available for drilling
the additional Benita appraisal well either late in the 4th quarter of 2007 or
in the 1st quarter of 2008.  The Songa Saturn which drilled the "I-2" will
next move to another prospect location on Block "I".
    Charles D. Davidson, Noble Energy's Chairman, President and CEO, said,
"Results from the Benita appraisal well have clearly highlighted the upside
exploration potential of the Douala Basin in Equatorial Guinea.  We have now
confirmed with this latest well the presence of significant oil resources in
addition to the previously discovered gas and condensate resources in this
basin.  We plan to proceed with an aggressive program to further define the
resources in this area such that an optimal development program may be
designed."
    The Ministry of Mines, Industry and Energy (MMIE) of the Republic of
Equatorial Guinea, indicated, "With this discovery, the MMIE demonstrates the
results of an aggressive exploration campaign which makes Equatorial Guinea
one of the "Hotspots" of the Gulf of Guinea."
    Noble Energy is the Technical Operator of Block "I" with a 40 percent
participating interest.  Its partners on the block include Atlas Petroleum
International Limited (29 percent participating interest), who is the
Administrative Operator, Glencore Exploration Ltd. (25 percent participating
interest) and Osborne Resources Limited, a company within the PA Resources
Group (six percent participating interest).  GEPetrol (the national oil
company of the Republic of Equatorial Guinea) has a five percent carried
interest once commerciality has been determined.
    Noble Energy is one of the nation's leading independent energy companies
and operates throughout major basins in the United States including Colorado's
Wattenberg Field, the Mid-continent region of western Oklahoma and the Texas
Panhandle, the San Juan Basin in New Mexico, the Gulf Coast and the deepwater
Gulf of Mexico.  In addition, Noble Energy operates internationally in
Argentina, China, Ecuador, the Mediterranean Sea (Israel), the North Sea (UK,
the Netherlands, and Norway), West Africa (Equatorial Guinea and Cameroon) and
Suriname.  Noble Energy markets natural gas and crude oil through its
subsidiary, Noble Energy Marketing, Inc.  Visit Noble Energy online at
http://www.nobleenergyinc.com.
    This news release may include projections and other "forward-looking
statements" within the meaning of the federal securities laws.  Any such
projections or 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.  Important factors that could cause the
actual results to differ materially from those projected include, without
limitation, the volatility in commodity prices for oil and 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 action, the ability of
management to execute its plans to meet its goals and other risks inherent in
Noble Energy's business that are detailed in its Securities and Exchange
Commission filings.  The United States Securities and Exchange Commission
permits oil and gas companies, in their filings with the SEC, to disclose only
proved reserves.  We may use certain terms in this press release, such as
"resources," "estimated resource range," "resource potential" and "potential
resources," that the SEC's guidelines strictly prohibit us from including in
filings with the SEC.  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, http://www.nobleenergyinc.com.  These forms
can also be obtained from the SEC by calling 1-800-SEC-0330.




For further information:

For further information: Chris Tong of Noble Energy, Inc., 
+1-281-872-3122, Investor_Relations@nobleenergyinc.com Web Site:
http://www.nobleenergyinc.com/

Organization Profile

NOBLE ENERGY, INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890