Noble Energy Inc. (NBL)
disclosed two new discoveries of crude oil and natural gas as the
exploration company seeks to meet growing demand for the
resources.
Noble found 120 net feet of crude oil pay in
two Miocene reservoirs at the Dantzler exploration well in the
Deepwater Gulf of Mexico. The company also found 335 feet of net
natural gas pay at its Tamar Southwest exploration well offshore
Israel.
Noble now estimates resources at the Dantzler
well, located in the Mississippi Canyon 782, to be between 55 million
and 95 million barrels of oil equivalent. Noble has a 45% interest in
Dantzler, partnering with Ridgewood Energy Corp. and W&T Offshore
Inc. (WT).
Resources at the Tamar well are between 640
billion cubic feet and 700 cubic feet of natural gas. The Tamar well
productivity is expected to be 250 million cubic feet of natural gas
a day.
Noble said it would release the drilling rig at
Tamar to another operator when operations are complete. Noble has a
36% interest in Tamar.
"These new discoveries,
combined with our exploration and appraisal successes earlier this
year, have continued our successful organic exploration track record
and identified new sources of future growth for Noble Energy,"
said Mike Putnam, Noble Energy's vice president of exploration and
geoscience.
Noble has seen its earnings ebb and flow as
the company's hedging costs and volatile gas prices affect rising
volume and sales.
Noble shares were up 1% at $70.25 in
premarket trading. As of Tuesday's close of $69.51, stock is up 45%
in the past 12 months.