Noble Strikes Significant Gas Pay in 3 Reservoirs Offshore Israel

Noble has announced a natural gas discovery at the Tamar prospect in the Matan license, offshore Israel. The Tamar #1 well, located in approximately 5,500 feet of water, was drilled to a total depth of 16,076 feet to test a subsalt, lower-Miocene structure in the Levantine basin. Formation logs identified more than 460 feet of net pay in three high-quality reservoirs. The thickness and quality of the reservoirs encountered were greater than anticipated at the well location.

Charles D. Davidson, Noble Energy's Chairman, President and CEO, said, "Tamar represents our first exploratory well offshore Israel in more than five years, and we are extremely excited by the results. This is one of the most significant prospects that we have ever tested and appears to be the largest discovery in the company's history. Early indications are that the resources identified are very substantial, at least equal to our pre-drill estimated gross mean resources of over three trillion cubic feet. Subject to the collection of additional data, the resource estimate for Tamar could further increase. This discovery continues to highlight the potential of our global programs and further demonstrates the significant value generated from our best-in-class exploration efforts."

"We were also very pleased with the drilling operations of this well, despite the uncertain conditions that exist when drilling in a highly under-explored area, with the nearest well control over 60 miles away," Davidson added.

Production testing at Tamar will be performed after the well is completed. Noble Energy and its partners may keep the rig to drill up to two additional wells in the basin. Pending positive test results, one well could be an appraisal at Tamar. In addition, the partners are considering drilling a second subsalt, lower Miocene prospect.

Noble Energy operates the well with a 36% working interest. Other interest owners in the well are Isramco Negev 2 with 28.75%, Delek Drilling with 15.625%, Avner Oil Exploration with 15.625% and Dor Gas Exploration with the remaining 4%.


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