Noble Energy, Inc. announced a successful test in Block "I" offshore Equatorial Guinea. The 'I-4' well, which is on trend with the Belinda discovery on Block "O" offshore Equatorial Guinea, encountered a high quality Miocene reservoir that, when tested, yielded flow rates of 1,634 barrels per day of condensate and 28.9 million cubic feet per day of natural gas, or approximately 6,450 barrels of oil equivalent per day (based upon a natural gas to crude oil conversion ratio of 6 to 1), with production rates limited by test equipment.
The 'I-4' well, located in 2,226 feet (678 meters) of water and seven miles (11.2 kilometers) southwest of the original Belinda discovery in Block "O" was successfully drilled to its objective at a total depth of 9,721 feet (2,963 meters). The well was the final of the six-well program drilled by the Songa Saturn drillship on behalf of Noble Energy.
Charles D. Davidson, Noble Energy's Chairman, President and CEO, said, "The successful exploration and appraisal drilling program in the Belinda trend along with further calibration of our seismic and additional reservoir analysis confirms that the original pre-drill resource range was too conservative. We now believe the resource range to be approximately 60 percent greater than original expectations. In addition, well results in the area verify the presence of substantial recoverable liquids which are now estimated to be about 40 percent of the total resources discovered with proper processing."
Davidson went on the say,"We plan to have an active 2008 exploration and appraisal drilling program for both Blocks I and O as we assess our options to commercialize our discoveries in the region. Our next well, scheduled to spud in late February with the Sedco 700 drillship, will look to verify the oil resources downdip at the Benita discovery on Block I."
Noble Energy is the Technical Operator of Block "I" with a 40 percent participating interest. Its partners on the block include Atlas Petroleum International Limited (29 percent participating interest), who is the Administrative Operator, Glencore Exploration Ltd. (25 percent participating interest) and Osborne Resources Limited, a company within the PA Resources Group (six percent participating interest). GEPetrol (the national oil company of the Republic of Equatorial Guinea) has a five percent carried interest once commerciality has been determined.
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