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NOBLE ENERGY ANNOUNCES APPRAISAL DRILLING AND FLOW TEST RESULTS OFFSHORE REPUBLIC OF CYPRUS | Noble Energy

October 3, 2013

NOBLE ENERGY ANNOUNCES APPRAISAL DRILLING AND FLOW TEST RESULTS OFFSHORE REPUBLIC OF CYPRUS

HOUSTON, Oct. 3, 2013 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL) announced today that the A-2 appraisal well drilled on the Block 12 discovery offshore the Republic of Cyprus has successfully encountered approximately 120 feet of net natural gas pay within the targeted Miocene-aged sand intervals.  The Cyprus A-2 well, which is more than four miles northeast of the A-1 discovery location, was drilled to a total depth of 18,865 feet in 5,575 feet of water.

Production testing procedures were performed over a 39-foot section of the upper Miocene reservoir.  The test, limited by surface equipment, yielded a maximum flow rate of 56 million cubic feet per day (Mmcf/d) of natural gas.  Performance modeling indicates development wells in the reservoir should have capacity to deliver up to 250 Mmcf/d.  Evaluation of drilling data, wireline logs and reservoir performance information has resulted in an updated estimate of gross resources of the field ranging⁽¹⁾ from 3.6 trillion cubic feet (Tcf) of natural gas to 6 Tcf, with a mean of approximately 5 Tcf.  The Cyprus A structure represents the third largest field discovered to date within the Deepwater Levant Basin.

Keith Elliott, Noble Energy's Senior Vice President, Eastern Mediterranean, commented, "Results from the Cyprus A-2 well have confirmed substantial recoverable natural gas resources and high reservoir deliverability.  While the A-2 location has successfully defined the northern area of the discovery, we anticipate additional appraisal activities are necessary to further refine the ultimate recoverable resources and optimize field development planning.  In the meantime, we continue to identify and advance multiple development options.  In addition to the Cyprus A discovery, we are also encouraged about the further exploration potential in Block 12.  We have recently completed a 1,100 square mile 3D seismic acquisition, which will be interpreted over the next several months." 

Noble Energy operates Block 12 offshore the Republic of Cyprus with a 70 percent working interest.  Delek Drilling and Avner Oil Exploration each have 15 percent working interest. 

Noble Energy plans to move the Ensco 5006 drilling rig to Tamar SW, offshore Israel, at the completion of operations offshore Cyprus.  The Tamar SW well, testing an exploration prospect offsetting the main Tamar field, is expected to reach total depth by the end of 2013.  Noble Energy operates Tamar SW with a 36 percent working interest.   

(1)  Range of resource estimate based on 75^th and 25^th percentile probabilities

Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production.  The Company has core operations onshore in the U.S., primarily in the DJ Basin and Marcellus Shale, in the deepwater Gulf of Mexico, offshore Eastern Mediterranean, and offshore West Africa.  Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL.  Further information is available at www.nobleenergyinc.com.

This news release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "expects," "intends,"  "will," "should," "may," and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy' s current views about future events. They include estimates of oil and natural gas reserves and resources, estimates of future production, assumptions regarding future oil and natural gas pricing, planned drilling activity, future results of operations, projected cash flow and liquidity, business strategy and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this news release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, without limitation, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government regulation or other actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's business that are discussed in its most recent annual report on Form 10-K and in other reports on file with the Securities and Exchange Commission. These reports are also available from Noble Energy'soffices or website, http://www.nobleenergyinc.com. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change.  

The Securities and Exchange Commission requires oil and gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. The SEC permits the optional disclosure of probable and possible reserves, however, we have not disclosed the Company's probable and possible reserves in our filings with the SEC. We use certain terms in this news release, such as "gross resources." This estimate is by its nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. The SEC guidelines strictly prohibit us from including these estimates in filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in our most recent annual report on Form 10-K and in other reports on file with the SEC, available from Noble Energy'soffices or website, http://www.nobleenergyinc.com. 

SOURCE Noble Energy

Link to article: http://investors.nobleenergyinc.com/releasedetail.cfm?ReleaseID=794694

UPDATE 2-Noble's Cyprus gas drill at lower end of estimates | Reuters

Thu Oct 3, 2013 11:56am EDTMichele Kambas

• Cyprus gas find is third largest in Levantine Basin
• Reserves gross value three times Cyprus's GDP
• Authorities say committed to LNG terminal, want to avoid delays
• Discovery boon for financially troubled island

NICOSIA, Oct 3 (Reuters) - A landmark natural gas well off Cyprus has produced less than anticipated, potentially delaying investment in a liquefied natural gas plant and plans for export by 2020.

Cyprus and its exploration partners, Texas-based Noble Energy, on Thursday announced an around 5 trillion cubic feet (tcf) natural gas find, lowering the initial estimate of 7 tcf made in late 2011.

Cyprus on the Verge of Shifting East Med Gas Strategy | Natural Gas Europe

image: eoimages.gsfc.nasa.gov

Cyprus is facing a dilemma with regards to its natural gas strategy, as highly credible information has been leaked over the past few days to local media suggesting a significantly reduced amount of gas for Aphrodite Block 12. This would effectively terminate the chances of establishing an LNG terminal and cooperation with Israel looks like the only way out.

The findings of the first appraisal drilling by Noble Energy point to less than 5 tcf in Block 12, which greatly diminishes the prospects of constructing an LNG terminal that requires 5.5 tcf in order to be economically viable.

Moreover, local sources are putting numbers closer to 3 tcf of gas in place, making the whole investment perilous when considering the high depths involved and the capital needed to create necessary infrastructure. Furthermore, the Cypriot government through its energy authorities has made known that a second appraisal drilling will take place, no sooner than March 2014 and it could be delayed up to a year from now. On the other hand other sea blocs could contain smaller reserves of 1-2 tcf that could be joined with Block 12 to revitalize the LNG terminal project. This would no doubt derail plans for at least another 4-5 years.

Cyprus has drafted a last minute emergency plan in order to deal with these developments. It intends on negotiating with the Noble and Delek in order to provide further incentives to continue with their offshore investment program.

It will also accelerate initiatives to have four research drills from early 2014 onwards by Eni, which has already bought licenses to conduct exploration.

Most importantly, Nicosia is going to push forward with a comprehensive energy collaboration with Israel that would transport gas from Tamar and Leviathan to Cyprus for export to international markets.

At the moment, Tel Aviv has approved no decision of such kind, although it is widely assumed that 400 bcm could be exported worldwide and Cyprus believes that this is enough to boost its own LNG terminal viability prospects for the long term.

In mid-October, a delegation headed by the Cypriot energy minister Yiorgos Lakkotrypis will visit Israel to conduct talks. In the event of a positive response, Cyprus will push forward an international campaign to raise capital needed for LNG infrastructure and then negotiate percentages with interested companies.

Should Israeli response be negative, Cyprus could delay any LNG decisions until further explorations take place offshore Cyprus and if those prove successful, it would then proceed by itself in establishing necessary infrastructure.

In this event, Eni, as it was previously mentioned, would be allowed to rapidly drill in the Cypriot offshore zone, where it is estimated to stay for 24 months and conduct eight exploration drills, four each year in the sea blocks numbered 2, 3, and 9.

Total SA is set to conduct two exploration drills in early 2015. Concurrently on 9th of October it will sign a Memorandum of Cooperation with the Cypriot government for its future involvement in the LNG terminal and thereafter be able to participate in the aforementioned negotiations between Nicosia, Noble and Delek.

All in all, prospects for creating an LNG sector in the Eastern Mediterranean takes yet another twist and illustrates the complexities of offshore exploration. Judging by the latest developments it is more than certain that any definite assessment regarding the prospects of an LNG terminal in Cyprus should not be expected before the end of 2014.

Link to article: http://www.naturalgaseurope.com/cyprus-shift-east-med-gas-strategy-lng