Noble Energy Strikes Again in Block I
Noble Energy has made another new discovery on Block "I" offshore Equatorial Guinea. The 'I-3' well, which tested the Yolanda prospect, encountered a high quality Miocene reservoir containing 47 feet (14 meters) of net hydrocarbon pay. Production tests from the well yielded flow rates of 371 barrels per day of condensate and 36 million cubic feet per day of natural gas, or approximately 6,371 barrels of oil equivalent per day (based upon a natural gas to crude oil conversion ratio of 6 to 1), with production rates limited by test facilities. The Yolanda discovery, located in 2,940 feet (896 meters) of water is approximately 30 miles (48 kilometers) east of Bioko Island and six miles (10 kilometers) south of the Benita discovery, which is also on Block "I". It was drilled to a total depth of 9,482 feet (2,890 meters).
The Songa Saturn drillship will remain on Block "I" where it will move to test an additional Miocene exploration prospect that is on trend with the Belinda discovery located on Block "O" offshore Equatorial Guinea.
Noble Energy is the Technical Operator of Block "I" with a 40 percent participating interest. Its partners on the block include Atlas Petroleum International Limited (29 percent participating interest), who is the Administrative Operator, Glencore Exploration Ltd. (25 percent participating interest) and Osborne Resources Limited, a company within the PA Resources Group (six percent participating interest). GEPetrol (the national oil company of the Republic of Equatorial Guinea) has a five percent carried interest once commerciality has been determined.
Charles D. Davidson, Noble Energy's Chairman, President and CEO, said, "The success at Yolanda continues the momentum of our exploration and appraisal drilling program in Equatorial Guinea. This discovery represents our fourth consecutive successful well in Equatorial Guinea. Since beginning our exploration program in late 2005, there has only been one dry hole out of the six wells drilled in Blocks "O" and "I". Our discoveries, which include both gas-condensate and oil fields, have confirmed that this basin contains significant hydrocarbon resources. We look forward to additional exploration and appraisal drilling while moving forward with our planning for commercial development of these important discoveries."
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