Noble Energy Announces Karish Discovery In The Levant Basin Offshore Israel

HOUSTON, May 22, 2013 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL) announced today a natural gas discovery at the Karish prospect offshore Israel.  The discovery well was drilled to a total depth of 15,783 feet and encountered 184 feet of net natural gas pay in high-quality lower Miocene sands.  The Karish well, located in the Alon C license approximately 20 miles northeast of the Tamar field, is in 5,700 feet of water.  Discovered gross resources, combined with the de-risked resources in an adjacent fault block on the license, are estimated to range(1) between 1.6 and 2.0 trillion cubic feet (Tcf) with a gross mean of 1.8 Tcf.

The Karish discovery is the fifth discovered field with an estimated gross mean resource size over 1 Tcf.  It is also the seventh consecutive field discovery for Noble Energy and its partners in the Levant Basin.  With the addition of Karish and the recent increase in resource estimates at Tamar and Leviathan, total discovered gross mean resources in the Levant Basin are now estimated to be approximately 38 Tcf.

The Ensco 5006 rig drilled the Karish well and will relocate to Cyprus where it is scheduled to spud an appraisal well at the Cyprus A discovery next month.  

Noble Energy is the operator of the Alon C license with a 47.06 percent interest. Co-owners are Avner Oil and Delek Drilling each with a 26.47 percent interest.

(1)  Range of resource estimate based on 75^th and 25^th percentile probabilities

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 and Marcellus Shale, 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 contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "expects," "intends,"  "will," "should," "may," and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy' s current views about future events. They include estimates of oil and natural gas reserves and resources, estimates of future production, assumptions regarding future oil and natural gas pricing, planned drilling activity, future results of operations, projected cash flow and liquidity, business strategy and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this news release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks 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 actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's business that are discussed in its most recent annual report on Form 10-K and in other reports on file with the Securities and Exchange Commission. These reports are also available from Noble Energy's offices or website, http://www.nobleenergyinc.com. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

The Securities and Exchange Commission requires oil and gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. The SEC permits the optional disclosure of probable and possible reserves, however, we have not disclosed the Company's probable and possible reserves in our filings with the SEC. We use certain terms in this news release, such as "discovered gross resources" and "gross mean resources." These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. The SEC guidelines strictly prohibit us from including these estimates in filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in our most recent annual report on Form 10-K and in other reports on file with the SEC, available from Noble Energy's offices or website, http://www.nobleenergyinc.com. 

SOURCE Noble Energy

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