The acquisition of an interest in the PH-77 license area represents Noble’s initial entry into the Republic of Cameroon and its first opportunity to partner with Societe Nationale des Hydrocarbures (SNH), Cameroon’s national oil company, and Petronas. Petronas has a 50-percent participating interest and SNH may assume a 50-percent participating interest upon a commercial discovery.
PH-77 covers 1.125 million acres between the Cameroon’s coastline and its international boundary with the Republic of Equatorial Guinea. The license area is contiguous with Blocks "O" and "I," which cover more than 635,000 acres offshore Bioko Island in Equatorial Guinea. Noble is the technical operator on both blocks. In October 2005, the company announced successful test results from its "O-1" (Belinda) exploration prospect on Block "O."
"Our acquisition of ConocoPhillips' interest in PH-77 significantly enhances our West Africa exploration portfolio and will allow us to leverage the knowledge we have gained in Blocks 'O' and 'I' in Equatorial Guinea,” said Charles Davidson, Noble Energy’s chairman, president, and CEO. “We now operate with a 40-percent to 50-percent interest in over 1.75 million contiguous acres in the Gulf of Guinea. In addition, we continue to produce oil, condensate, and natural gas at our legacy Alba Field. With our recent discovery in Block 'O' and an earlier oil test on PH-77, we see our acreage in the Gulf of Guinea as highly prospective. PH-77 has a number of prospects that are seismically similar to our Belinda discovery and other prospects soon to be tested on Blocks 'O' and 'I'. To accommodate our expanding opportunities in this area, we have extended our deepwater drill ship contract."
Davidson added: "Based upon conversations to this point with representatives of the Republic of Cameroon, SNH, and PETRONAS, Noble Energy begins this new venture with the anticipation of a long and mutually rewarding relationship with each of them."
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 operates internationally in Argentina, China, Ecuador, Equatorial Guinea, the Mediterranean Sea, the North Sea, and Suriname. The company markets natural gas and crude oil through its subsidiary, Noble Energy Marketing, Inc.
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