Noble Affliates and Shell U.K. Exchange Assets

Noble Affiliates, Inc. announced that its wholly owned indirect subsidiary, EDC Europe Limited, and Shell U.K. Limited have completed a North Sea asset exchange.

Shell acquired from EDC a 12.5 percent interest in Block 20/4b and a cash payment. In exchange, EDC acquired a 12.885 percent interest in Block 21/20a, which includes the Cook Field.

The Cook Field commenced production in April 2000 and current gross production is approximately 12,000 barrels of oil per day. The field's life is estimated to be approximately five years with recoverable reserves estimated at over 20 million barrels. The field is located approximately 100 miles east of Aberdeen, Scotland.

The effective date of the equity transfer was October 1, 1999. The asset exchange has been approved by the Department of Trade and Industry.