Noble Energy Reports a Disappointing Result Offshore Equatorial Guinea

Noble Energy Reports a Disappointing Result Offshore Equatorial Guinea

Noble Energy 04-26-2007

Noble Energy reports that its 'O-2' exploration well (the Adriana Southwest prospect) on Block 'O' offshore Equatorial Guinea did not contain commercial hydrocarbons. The well, located in 1,500 feet of water and approximately 13 miles offshore Bioko Island, was drilled to a total depth of 12,638 feet. The well did encounter thicker than expected sands in the target Miocene interval. The well will be plugged and abandoned.

Adriana Southwest is the first of six to eight wells the company plans to drill in West Africa through 2008. The Songa Saturn drill ship will be mobilizing to the second location, the Benita prospect on Block 'I'. Benita is located 24 miles offshore Bioko Island in 2,880 feet of water. The well is expected to spud in late April 2007 and will drill to a total depth of 11,150 feet.

Alan Bullington, Senior Vice President of International, said, "We remain optimistic about the resource potential on our acreage in West Africa. The Adriana Southwest prospect had the weakest amplitude versus offset (AVO) response of the Miocene prospects on our current drilling schedule. This was important to understand due to the potential of it being indicative of crude oil or natural gas with higher condensate yields. While Adriana Southwest was unsuccessful, we have now gained a great deal of insight into the geology and seismic responses in this lightly explored area. We now have two control points to calibrate the seismic responses as we move ahead with our West Africa drilling program as planned."

Noble Energy is the Technical Operator of Blocks 'O' and 'I' with 45 percent and 40 percent participating interests, respectively. Its partners on Block 'O' include GEPetrol (the national oil company of the Republic of Equatorial Guinea) as Administrative Operator with a 30 percent participating interest (10 percent carried) and Glencore Exploration Ltd. with a 25 percent participating interest. Its partners on Block 'I' are Atlas Petroleum International Ltd. (54 percent working interest) who is the Administrative Operator, and Osborne Resources Limited (six percent participating interest). GEPetrol has a five percent carried interest once commerciality has been determined.