Noble Announces Hannay Field Development in North Sea

Noble Affiliates, Inc. announced that its wholly owned indirect subsidiary, EDC (Europe) Limited has received United Kingdom government approval for the $50 million development of the Hannay oil field.

The Hannay Field is located in the UK sector of the North Sea in block 20/5c. The operator has estimated reserves of 8 million barrels of oil equivalent with a field life of eight years. It will be developed with a single horizontal well tied back to the Buchan platform some 8 miles to the southeast.

The operator expects drilling to begin in May 2001, with production scheduled to commence in November 2001 at an initial rate of 12,000 barrels of oil per day. The oil will be processed using existing Buchan facilities and exported via the Forties pipeline system to St. Fergus, Scotland.

The working interests have been equalized between Hannay and Buchan fields to facilitate development by utilizing the existing infrastructure of the Buchan Field. Noble through its subsidiary, has a 13 percent interest in both fields. Talisman Energy (UK) Limited is the operator with 86 percent interest and First Oil Expro Limited holds the remaining 1 percent interest.