HOUSTON, Sept. 10 /PRNewswire-FirstCall/ -- Noble Energy, Inc. (NYSE: NBL)
announced today that its wholly owned subsidiary, Noble Energy EG Ltd., has
acquired an interest in a Production Sharing Contract (PSC) with the Republic
of Equatorial Guinea covering Block "I" offshore Bioko Island. Under the
terms of the PSC and the Deed of Assignment, Noble Energy will be the
Technical Operator with a 40 percent working interest. The Deed of Assignment
was approved by the Ministry of Mines, Industry and Energy on September 1,
2004.
Noble Energy's partner on Block "I" is the Atlas Group (60 percent working
interest), who will be the Administrative Operator. GEPetrol, the National
Oil Company of Equatorial Guinea, will have a 5 percent carried interest once
commerciality has been determined. After GEPetrol assumes its carried
interest, Noble Energy's interest will be proportionately reduced to
38 percent.
Block "I" is immediately adjacent to Block "O", which was awarded to Noble
Energy in April 2004. Noble Energy is Technical Operator of Block "O" with a
45 percent working interest. The company also holds a 33.75 percent working
interest in the Alba field, which contains estimated gross resources of
approximately one billion barrels of oil equivalent.
Block "I" covers 806 square kilometers (approximately 200,000 acres), and
is located in water depths in excess of 500 meters. To date, one 3-D seismic
survey has been acquired on the block. The 3-D seismic was shot by GESeis.
Charles Davidson, Noble Energy's Chairman, President and CEO, said, "Our
contract on Block 'I' adds another exciting exploration opportunity for Noble
Energy in Equatorial Guinea and further enhances our international project
portfolio. We have an excellent relationship with the government of
Equatorial Guinea, and we look forward to working with them and our partners
on this project. Several substantial leads have already been identified on
Block 'I,' and we expect the prospectivity of this acreage will be enhanced
after we process the recently acquired 3-D seismic later this year."
To view a map of Noble Energy's operations in Equatorial Guinea, please
copy the following URL into your internet browser:
http://www.nobleenergyinc.com/neiweb/eg_neiop.pdf .
Noble Energy is one of the nation's leading independent energy companies
and operates throughout major basins in the United States including the Gulf
of Mexico, as well as internationally, in Argentina, China, Ecuador,
Equatorial Guinea, the Mediterranean Sea and the North Sea. Noble Energy
markets natural gas and crude oil through its subsidiary, Noble Energy
Marketing, Inc.
The Atlas Group is composed of two private companies: Atlas Petroleum
International Ltd and Osborne Resources Ltd. Atlas Petroleum participates in
three other licenses in Equatorial Guinea (Blocks H, J and P), and two
licenses offshore Nigeria (OPL 320 and OML 109). Atlas's sister company,
Oranto Petroleum, has two offshore concessions in Ivory Coast (CI-205 and CI-
206), and one each in Sierra Leone (SL-5) and Liberia (LB-12).
GEPetrol was established in 2001 as the National Oil Company of Equatorial
Guinea. GEPetrol has upstream interests through participation in Production
Sharing Contracts with foreign oil companies, including a 30 percent working
interest and the role of administrative operator in Block "O." GEPetrol
operates as a commercial entity alongside the Ministry of Mines, Industry and
Energy, which is the State regulatory authority, and is working to expand its
upstream and downstream activities through new production sharing contracts
and joint ventures.
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.
SOURCE Noble Energy, Inc.
 back to top
Related links:
http://www.nobleenergyinc.com
http://www.nobleenergyinc.com/neiweb/eg_neiop.pdf
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20021210/NBLLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Greg Panagos of Noble Energy, Inc.,
+1-281-872-3125, or Investor_Relations@nobleenergyinc.com
|
