Noble Energy Announces Second Natural Gas Discovery Offshore Israel at Dalit
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HOUSTON, March 30 /PRNewswire-FirstCall/ -- Noble Energy, Inc. (NYSE: NBL) announced today a natural gas discovery at the Dalit prospect in the Michal license, offshore Israel. Located in approximately 4,500 feet of water and 30 miles offshore, the well was drilled to a depth of 12,000 feet. Formation logs identified more than 110 feet of net pay in a high-quality reservoir. Dalit represents the Company's second subsalt, lower-Miocene discovery in the underexplored Levantine basin. Charles D. Davidson, Noble Energy's Chairman, President and CEO, said, "With the successes at Tamar and Dalit, we have potentially opened up a substantial new resource basin, where we have an interest in about three million gross acres. We are moving forward with development plans to bring first production to Israel from this new region in 2012. At the same time, we continue to remain focused on the vast exploration potential remaining, and we plan to conduct new 3D seismic later this year over various leads in our other licenses in the area. Based on results from the seismic program, we could see further exploration in the region starting in the second half of 2010." Production testing will be performed at Dalit after the well is completed. Subsequent to testing, the rig will return to the Tamar discovery in the Matan license to drill an appraisal well designed to better define the resources of Tamar. Noble Energy operates both the Michal and Matan licenses with a 36 percent working interest. Other interest owners 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 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. SOURCE Noble Energy, Inc. David Larson, +1-281-872-3125, dlarson@nobleenergyinc.com, or Brad Whitmarsh, +1-281-872-3187, bwhitmarsh@nobleenergyinc.com, both of Noble Energy
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