Noble and BP Make Discovery at Isabela Prospect

Noble Energy has made a discovery on Mississippi Canyon Block 562 (Isabela Prospect) in the Gulf of Mexico, located approximately 150 miles southeast of New Orleans in 6,500 feet of water.

The Isabela well was spud on February 28, 2007, and drilled to a total depth of approximately 19,100 feet using Transocean's Deepwater Horizon. The well encountered hydrocarbons in two high quality reservoirs. Noble Energy has a 33.33 percent working interest in the Isabela discovery. BP is the operator of the project with 66.67 percent.

The discovery well has been temporarily suspended pending development operations. The most likely development concept for the project is a subsea tieback to BP's existing Na Kika production facility located nearby. Noble Energy has also acquired an interest in adjacent acreage with additional exploration potential.

Chuck Davidson, Noble Energy's Chairman, President and CEO, said, "Isabela is the newest addition to Noble Energy's growing and successful deepwater program, which currently represents about 15 percent of our production. Isabela is an important discovery for us, which could add production as early as late 2009. In addition, when combining the Isabela development with upcoming development projects at Lorien, Ticonderoga, Swordfish and Raton/Redrock, Noble Energy's deepwater program is well positioned to contribute strong production for several years to come."