Noble Energy adds acreage in the Falklands

HOUSTON -- Noble Energy has acquired a 75% interest in, and operatorship of, the PL001 License in the North Falkland basin from Argos Resources Limited, the Houston-based company said Monday.

PL001 covers an area of nearly 285,000 gross acres and is located to the northwest of PL032, which includes the Sea Lion oil discovery. Edison International has obtained the remaining 25% interest in PL001; the companies will provide Argos with a 5% royalty override from all hydrocarbon development on the license.

Noble Energy has identified the Rhea prospect as its initial target on PL001. Rhea is a Cretaceous-aged stratigraphic trap prospect with multiple reservoir targets and total estimated gross mean unrisked resources in excess of 250 MMbbl of oil.

Water depth at the anticipated drilling location is approximately 1,550 ft, and the target total well depth is 8,760 ft. Rhea is anticipated to commence drilling in the third quarter of 2015.

Noble Energy’s initial operated Falkland Islands prospect, Humpback, is now expected to start drilling by early May. Humpback, located in the South Falkland basin, is the first of multiple stacked fan prospects clustered together in the Fitzroy sub-basin.

Humpback has estimated gross mean unrisked resources of more than 250 MMbbl of oil, with the cluster of prospects in the sub-basin totaling over one Bbbl of oil. The Humpback well, in water approximately 4,170 ft deep, is targeted to be drilled to a total depth of 17,550 ft.

Noble Energy's interest in the South Falkland basin is 35%.

Susan Cunningham, Noble Energy's executive V.P. of Exploration and New Ventures, stated, "The Rhea prospect diversifies our prospect inventory and upgrades our chance of overall success, without changing our total capital program for the year. This opportunity is in a proven petroleum system and is a strong complement to the vast number of remaining prospects on our acreage."