Noble Energy to Explore Block 'I' Offshore Equatorial Guinea

Noble Energy's subsidiary, Noble Energy EG Ltd., has acquired an interest in a Production Sharing Contract with the Republic of Equatorial Guinea covering Block "I" offshore Bioko Island. Under the terms of the PSC and the Deed of Assignment, Noble Energy will be the Technical Operator with a 40 percent working interest. The Deed of Assignment was approved by the Ministry of Mines, Industry and Energy on September 1, 2004.

Noble Energy's partner on Block "I" is the Atlas Group (60 percent working interest), who will be the Administrative Operator. GEPetrol, the National Oil Company of Equatorial Guinea, will have a 5 percent carried interest once commerciality has been determined. After GEPetrol assumes its carried interest, Noble Energy's interest will be proportionately reduced to 38 percent.

Block "I" is immediately adjacent to Block "O", which was awarded to Noble Energy in April 2004. Noble Energy is Technical Operator of Block "O" with a 45 percent working interest. The company also holds a 33.75 percent working interest in the Alba field, which contains estimated gross resources of approximately one billion barrels of oil equivalent.

Block "I" covers 806 square kilometers (approximately 200,000 acres), and is located in water depths in excess of 500 meters. To date, one 3-D seismic survey has been acquired on the block. The 3-D seismic was shot by GESeis.

Charles Davidson, Noble Energy's Chairman, President and CEO, said, "Our contract on Block 'I' adds another exciting exploration opportunity for Noble Energy in Equatorial Guinea and further enhances our international project portfolio. We have an excellent relationship with the government of Equatorial Guinea, and we look forward to working with them and our partners on this project. Several substantial leads have already been identified on Block 'I,' and we expect the prospectivity of this acreage will be enhanced after we process the recently acquired 3-D seismic later this year."