Noble Energy Drills Duster Offshore Israel

In the Mediterranean Sea off the coast of Israel, Noble Energy revealed that the Hannah-1 well did not find commercial quantities of hydrocarbons. Consequently, the company and its partners have decided to plug and abandon the well. Noble Energy, which has a 47 percent working interest in Hannah-1, expects to recognize a $4.9 million pretax exploration charge for drilling expenses incurred through the second quarter 2003. Additional pretax charges of approximately $2.1 million were incurred after June 30, 2003 and will be recognized during the third quarter.

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