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Noble Energy Hits Net Pay at Gunflint Well in U.S. Gulf of Mexico

Noble Energy, Inc. today announced that the second appraisal well at Gunflint well in the Gulf of Mexico, successfully encountered 109 feet of net pay within the primary reservoir targets.

Results of drilling, wireline logs and reservoir data have confirmed an estimated gross resource range(1) of 65 to 90 million barrels of oil equivalent in the primary structure, which was in line with Company expectations. The Mississippi Canyon 992 #1 well, located one mile west of the original discovery well, was drilled to a total depth of approximately 32,800 feet in a water depth of 6,100 feet. 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 Energy’s Senior Vice President 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 Energy 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 total depth late in the third quarter.

Noble Energy operates Gunflint with a 31.14 percent working interest. Other partners in the project are Ecopetrol America Inc. with 31.50 percent, Marathon Oil Company with 18.23 percent and Samson Offshore, LLC with 19.13 percent.

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Coastal Energy Encounters Net Pay Offshore Thailand

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Coastal Energy, an international oil and gas exploration and production company with assets in Thailand announces the successful Miocene discovery in the Bua Ban South A-04 well.

The Bua Ban South A-04 well was drilled to a depth of 3,250 feet TVD on the eastern flank fault block at Bua Ban South, approximately 1.5 miles south of the Bua Ban Main A-11 well. The A-04 well encountered 42 feet of net pay in the Lower Miocene M75 and M100 sands with 29.5% average porosity. The M75 is a newly discovered pay sand in the Lower Miocene. Initial results indicate that this is an extension of the Miocene reservoir which was encountered in the Bua Ban Main A-11. The A-11 well has been producing since September 2010 and is currently producing over 500 bopd. The minimum areal extent of the closure is approximately 550 acres.

Randy Bartley, President & Chief Executive Officer, commented:

“We are greatly encouraged by the successful Miocene results in the A-04 well. We have now discovered oil in three different Miocene intervals between Bua Ban Main and Bua Ban South. This new discovery is very positive for the Miocene remaining potential across the entire basin as well as supporting the potential of recent Oligocene discoveries in the Bua Ban South area. The Bua Ban South A-03ST#1 well has been spudded and will test the Eocene objective. We are currently evaluating locations for Miocene appraisal wells and will begin drilling those following the A-03ST#1.”

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