Noble Affliates Acquires Interests Offshore Vietnam

Noble Affiliates, Inc. announced that its wholly-owned indirect subsidiary, Samedan Vietnam Limited, has acquired oil and gas exploration rights in blocks 12W and 12E in the Nam Con Son basin offshore Vietnam.

Block 12W rights were granted by a production sharing contract enteredinto on November 17, 2000 between Petrovietnam on behalf of the Vietnamese government and Noble. The block is located approximately 250 miles offshore southeast of Ho Chi Minh City (formerly Saigon) in an average water depth of 300 feet. Samedan will be operator of the block with a 78 percent interest. Its partner with a 22 percent interest is Opeco Natural Gas, an affiliate of a U.S. based independent oil and gas company. Petrovietnam will have the right to acquire a 15 percent working interest in any development that may occur.

Concurrently, Samedan acquired from Opeco a 78 percent interest and operatorship in an existing production sharing contract covering the adjacent block 12E.

In total, the blocks encompass 1.6 million acres, 1.25 million acres net to Samedan's interest. Both oil and gas have been tested on the blocks in wells drilled by previous operators, but the discoveries were not developed. The company intends to drill two exploratory wells on the acreage during 2001.


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