HOUSTON, July 7, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Noble Energy, Inc. (NYSE: NBL) announced today results from its Tamar appraisal well, known as Tamar-2, offshore Israel in the Matan license. At a total depth of 16,880 feet and in 5,530 feet of water, the well is located approximately 3.5 miles northeast of the original discovery, Tamar-1. Drilled on the flank of the structure with the intent of confirming reservoir quality and continuity, the appraisal was also designed to confirm the projected gas/water contact.
Reservoir thickness and quality were consistent with that encountered at the Tamar-1 location. Pressure data also confirmed continuous high quality reservoirs. The gas/water contact was encountered where projected in the middle reservoir and, as expected; no water contact was seen in the top reservoir. Whole core samples in three reservoirs were obtained to assist in the geologic and engineering studies needed for field development.
The results of Tamar-2 have considerably reduced the uncertainty in previous resource estimates for the structure. Accordingly, the gross mean resource estimate for Tamar has been raised to 6.3 trillion cubic feet, which represents a 26 percent increase from the estimate made following the Tamar-1 drilling and double the original pre-drill resource estimate for the prospect. In order to further confirm Tamar drilling results, a reservoir consulting firm has been retained to prepare an independent assessment of the discovered natural gas resources.
Charles D. Davidson, Noble Energy's Chairman and CEO, said, "The results of the appraisal well are extremely positive for Noble Energy, our partners, and the state of Israel. With drilling at Tamar and Dalit, we have already confirmed a very substantial amount of natural gas resources, perhaps over two decades of future supply based on projected needs. As such, we are moving forward with development plans focused on bringing the first phase of production to the Israeli shores by 2012."
Noble Energy operates the Matan license with a 36 percent working interest. Other interest owners in the well are Isramco Negev 2 with 28.75 percent, Delek Drilling with 15.625 percent, Avner Oil Exploration with 15.625 percent and Dor Gas Exploration with the remaining four percent.
Noble Energy and its various partners are currently preparing to acquire approximately 1,200 square miles of 3D seismic data over several leads on their acreage in the Levantine basin. The seismic program is anticipated to commence in the third quarter.
Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production. The Company operates primarily in the Rocky Mountains, Mid-Continent, and deepwater Gulf of Mexico areas in the United States, with key international operations offshore Israel, UK and West Africa. Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL. Visit Noble Energy online at 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. Risks, uncertainties and assumptions that could cause actual results to differ materially from those projected 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 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. 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.
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only 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. We use certain terms in this news release, such as "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.
SOURCE Noble Energy, Inc.
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