Noble Affiliates Announces Results of First Well in Ecuador
Noble Affiliates, Inc. (NYSE: NBL) today announced the results of its first well drilled in Ecuador.
The well was drilled from a platform installed in approximately 130 feet of water in the Gulf of Guayaquil, offshore Ecuador.
The well was drilled to approximately 10,900 feet total depth and encountered approximately 341 feet of gas pay as determined from electric logs.
"We are very pleased with the drilling results," said Robert Kelley, chairman, president and chief executive officer of the company. "The thickness of the gas pay zones exceeded our expectations."
The company intends to drill three additional wells from the platform in connection with development of the gas field.
Noble's indirect wholly owned subsidiary, EDC Ecuador Ltd., owns a 100 percent working interest in the well and has an 864,000 acre license.
Noble Affiliates, Inc. is an independent energy company with exploration and production operations throughout major basins in the United States, including the Gulf of Mexico, as well as international operations primarily in Argentina, China, Ecuador, Equatorial Guinea, the Mediterranean Sea and the North Sea. Its common stock is listed on the NYSE under the symbol "NBL".
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this news release, including, without limitation, estimates of gas reserves, are forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Certain risks and uncertainties inherent in the company's business are set forth in the filings of the company with the Securities and Exchange Commission.