Noble Sees Success on its Belinda Appraisal

Noble Energy announced initial results from its Belinda appraisal well on Block "O" offshore Equatorial Guinea. The O-3 appraisal well, located in 1,740 feet of water and approximately 4.2 miles southwest of the original Belinda discovery (O-1), was drilled to a total depth of 9,500 feet.

The O-3 well successfully extended the Belinda discovery by establishing significant downdip resources. Reservoir quality at the O-3 location was even better than was encountered at the O-1 discovery location while maintaining reservoir thickness. Reservoir quality and content has been confirmed with test results showing condensate-rich natural gas producing at maximum flow rates of 30.4 million cubic feet per day of natural gas and 1,540 barrels per day of condensate, or approximately 6,607 barrels of oil equivalent per day (based upon a natural gas to crude oil conversion ratio of 6 to 1). Maximum flow rates from the original Belinda discovery were 24 million cubic feet per day of natural gas and 1,225 barrels per day of condensate, or approximately 5,225 barrels of oil equivalent per day. Production rates for both the original discovery and the appraisal were limited by test facilities. With the installation of cooling and processing facilities, condensate yields can be increased.

Noble Energy is the technical operator of Block "O" with a 45 percent participating interest. Its partners on the block include GEPetrol, the national oil company of the Republic of Equatorial Guinea, with a 30 percent participating interest and Glencore Exploration Ltd. with a 25 percent participating interest.

The Songa Saturn drillship will next move back to Block "I" where it will drill a Benita appraisal well located approximately 2 miles from the I-1 discovery well announced earlier this year.

Charles D. Davidson, Noble Energy's Chairman, President and CEO, said, "The success of our Belinda appraisal well exceeded our expectations and is significant from several perspectives. It infers lateral continuity and quality of the reservoir, confirms significant resources downdip of the original discovery well, and it provides another calibration point for seismic attributes. We remain extremely encouraged with the results of our current drilling program in West Africa with this latest well being the third successful well out of a total of four drilled so far."

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