Noble Energy High Bidder On 15 Deepwater GOM Blocks

Noble Energy, Inc. was the apparent high bidder on 15 deepwater lease blocks in the Central Gulf of Mexico Lease Sale 206, held March 19, 2008. Of the high bids, Noble Energy bid alone on 10 and joined with partners on the remaining five with an average working interest of 43 percent. In addition, if awarded and acquired, Noble Energy has the option to acquire an interest in a third-party high bid block.

Noble Energy's share of the lease bonuses on its apparent high bids totaled approximately $167 million. The 15 high bid blocks cover in excess of 70,000 net acres in water depths ranging from approximately 1,000 feet to 7,740 feet. Currently, Noble Energy holds interest in 88 deepwater Gulf of Mexico leases, representing approximately 265,000 net acres.

Charles D. Davidson, the company's Chairman, President, and CEO, said, "We are very pleased with the results of the lease sale yesterday. As a result of our high bids, we have increased our inventory of attractive prospects focusing in the Mississippi Canyon, Green Canyon, Walker Ridge, and Garden Banks areas, which we believe hold significant potential in the deepwater Gulf of Mexico."

All high bids are subject to approval by the Minerals Management Service (MMS) of the U.S. Department of the Interior.


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