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Press release from PR Newswire

Noble Energy Provides Update of Leviathan Appraisal

Monday, May 16, 2011

Noble Energy Provides Update of Leviathan Appraisal08:44 EDT Monday, May 16, 2011HOUSTON, May 16, 2011 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL) announced today that it has ended drilling operations at the Leviathan #2 appraisal well location, offshore Israel. During the drilling process, the Company identified water flowing to the sea floor from the wellbore. The source is a water sand that flowed behind the surface casing. It has been monitored closely and there are no indications of any hydrocarbons in the produced water. Drilling in the Leviathan #2 well had not yet reached the depth of the targeted gas intervals discovered in the Leviathan #1 well.The Company has concluded that the current location and wellbore are unsuitable for continued drilling operations. As such, Noble Energy plans to relocate the drilling rig to a nearby location where it will resume the Leviathan natural gas appraisal drilling program. Noble Energy operates Leviathan, offshore Israel in the Rachel and Amit licenses, with a 39.66 percent working interest. Other interest owners are Delek Drilling and Avner Oil Exploration with 22.67 percent each and Ratio Oil Exploration with the remaining 15 percent. 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, 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 includes projections and other "forward-looking statements" within the meaning of the federal securities laws. Such projections and statements reflect Noble Energy's current views about future events and financial performance. No assurances can be given that such events or performance will occur as projected, and actual results may differ materially from those projected. Risks, uncertainties and assumptions that could cause actual results to differ materially from those projected include, without limitation, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government regulation or other action, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's business that are detailed in its Securities and Exchange Commission filings. Words such as "anticipates," "believes," "expects," "intends," "will," "should," "may," and similar expressions may be used to identify forward-looking statements. Noble Energy assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law. Investors are urged to consider closely the disclosures and risk factors in our Forms 10-K and 10-Q, File No. 1-07964, available from Noble Energy's offices or website, http://www.nobleenergyinc.com. These forms can also be obtained from the SEC by calling 1-800-SEC-0330.SOURCE Noble Energy, Inc.For further information: CONTACT: David Larson, +1-281-872-3125, dlarson@nobleenergyinc.com, or Brad Whitmarsh, +1-281-872-3187, bwhitmarsh@nobleenergyinc.com, both of Noble Energy, Inc.