Noble Energy announces Gunflint appraisal results


Noble Energy announces Gunflint appraisal results

HOUSTON -- Noble Energy has announced that the second appraisal well at Gunflint successfully encountered 109 ft of net pay within the primary reservoir targets.  Results of drilling, wireline logs and reservoir data have confirmed an estimated gross resource range of 65 to 90 million boe in the primary structure, which was in line with company expectations. The range of resource estimates are based on 75th and 25th percentile probabilities.

The Mississippi Canyon 992 #1 well, located 1 mi west of the original discovery well in the Gulf of Mexico, was drilled to a TD of approximately 32,800 ft, in a water depth of 6,100 ft.  Commercial hydrocarbons were not encountered in the deeper exploration objective.  Additional exploration potential remains in an adjacent three-way structure to the north, a candidate for future exploration, following development of the confirmed resources.

Once operations are completed, the well will be suspended for future use.  The net cost of drilling the lower exploration zone was approximately $15 million, which will be expensed in the second quarter of 2013.

Susan Cunningham, Noble’s  senior V.P. Deepwater Gulf of Mexico, West Africa and Frontier Regions, commented, "Our appraisal program at Gunflint solidifies our plans for a subsea tieback development, with sanction planned for later this year.  Along with our Big Bend discovery, we now have two major projects in the deepwater Gulf of Mexico targeting first production at the end of 2015. These developments represent significant value to our overall portfolio."

Noble plans to move the drilling rig to Troubadour, a low-risk amplitude prospect offsetting the Big Bend discovery, over the next several weeks.  The well is expected to reach TD late in the third quarter.     

Noble operates Gunflint with a 31.14% working interest.  Other partners in the project are Ecopetrol America (31.50%), Marathon Oil (18.23%) and Samson Offshore (19.13%).

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