Noble Energy (NBL) Anounces Deepwater Gulf of Mexico Discovery
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Noble Energy, Inc. (NYSE: NBL) announced an oil discovery at the Gunflint/Freedom prospect in Mississippi Canyon Block 948. The well, located in approximately 6,100 feet of water, was drilled to a total depth of approximately 29,280 feet. Formation logs indicated more than 550 feet of net hydrocarbon pay in multiple high-quality reservoirs, which was more than twice the thickness Noble Energy had originally expected.
"We are very excited with the results of this well, which is our largest discovery to date in the deepwater Gulf of Mexico. The ongoing success in our global exploration programs is certainly creating huge value for Noble Energy. With two significant development projects at Isabela/Galapagos and now Gunflint, combined with an extensive exploration portfolio containing over one billion barrels of net unrisked resources, the deepwater Gulf of Mexico will be a significant contributor to our reserve and production growth in the coming years," said Charles D. Davidson, Noble Energy's Chairman, President and CEO.
Noble Energy has a 37.5% working interest in Mississippi Canyon Block 948 and will serve as operator for the block. BP (NYSE: BP) was the operator of the exploration well with 25% interest. Other interest owners in the discovery are Marathon Oil Corporation (NYSE: MRO) with 12.5% and Samson Offshore with the remaining 25%. Interest in the block was originally obtained by Noble Energy and Samson Offshore in the March 2006 OCS Sale 198 for $20.2 million.[SM]
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