Noble Energy Makes Discovery on Block 'O' in Equatorial Guinea

Noble Energy reports successful test results from its "O-1" exploration prospect on Block "O" offshore Equatorial Guinea. The "O-1" well, located in 250 feet of water and approximately 20 miles east of Bioko Island, was drilled to a total depth of 10,360 feet. Test results were encouraging, with condensate-rich natural gas producing at maximum flow rates of 24 million cubic feet per day of natural gas and 1,225 barrels per day of condensate. Flow rates were limited by surface test equipment. With the installation of cooling and processing facilities, condensate yields can be increased.

Additional appraisal work will be performed to determine the areal extent and commerciality of the discovery. The company is currently reviewing options for a multi-well exploration and appraisal program, which could begin in 2006. Noble Energy is the technical operator of Block "O" with a 45 percent participating interest. Its partners on the block include GEPetrol, the national oil company of the Republic of Equatorial Guinea, with a 30 percent participating interest and Glencore Exploration Ltd. with a 25 percent participating interest.

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