Noble Energy Announces Successful Leviathan Appraisal Results and Increases Resource Size

HOUSTON, Dec. 19, 2011 /PRNewswire/ -- Noble Energy, Inc. (NYSE:NBL) today announced results from its Leviathan appraisal well in the Amit license offshore Israel.  The successful Leviathan #3 well, located more than three miles east of the original Leviathan discovery, encountered approximately 290 net feet of natural gas pay in multiple intervals.  The reservoir thickness and quality were greater than anticipated and the gas/water contact was confirmed at the well location.

Charles D. Davidson, Noble Energy's Chairman and CEO, said, "The results of the appraisal well are very encouraging and validate our seismic modeling and petrophysical interpretation of this substantial resource.  This positive outcome has led to an increased gross mean resource estimate of 17 trillion cubic feet (Tcf) with a range of 14 to 20 Tcf.  We already have project teams in place identifying commercialization options and screening field development concepts."

The Leviathan #3 well was drilled to a total depth of 17,146 feet in about 5,480 feet of water.  The rig used to drill the well is returning to Tamar to finish development activities.  The Tamar development remains on schedule for commissioning in late 2012.

Noble Energy expects to return to Leviathan #1 in the first quarter 2012 to test a deep oil concept in the Levant basin after it concludes operations at Cyprus A-1 on Block 12 offshore Cyprus.     

The Company recently commenced drilling the Tanin exploration well in the Alon A license offshore Israel.  This prospect is targeting a natural gas interval analogous to that encountered at Tamar and is expected to reach total depth in late February 2012.  

Noble Energy operates Leviathan with a 39.66 percent working interest.  Other interest owners in the well are Delek Drilling and Avner Oil Exploration with 22.67 percent each and Ratio Oil exploration with the remaining 15 percent.

Noble Energy operates Tanin with a 47.06 percent working interest.  Other interest owners in the well are Delek Drilling and Avner Oil Exploration with 26.47 percent each.

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 includes projections and other "forward-looking statements" within the meaning of the federal securities laws. Words such as "anticipates," "believes," "expects," "intends," "will," "should," "may," and similar expressions may be used to identify forward-looking statements. Such projections and statements reflect Noble Energy's current views about future events and financial performance. No assurances can be given that such events or performance will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions involving 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, drilling and operating risks, exploration and development risks, government regulation or other action, the ability of management to execute its plans to meet its goals, competition, the ability to replace reserves, environmental risks and other risks inherent in Noble Energy's business that are detailed in its Securities and Exchange Commission filings. Noble Energy assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.

Cautionary Note to Investors -- The Securities and Exchange Commission prohibits oil and gas companies, in their filings with the SEC, from disclosing estimates of oil or gas resources other than proved, probable and possible reserves, as those terms are defined by the SEC. We use certain terms in this news release, such as "gross mean resource estimate," which describe quantities of oil and gas that may not meet the SEC's definitions of proved, probable and possible reserves, and which the SEC's guidelines strictly prohibit us from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of being recovered by us. Investors are urged to consider closely the disclosures and risk factors in our Forms 10-K and 10-Q, File No. 1-07964, available from Noble Energy's offices or website, www.nobleenergyinc.com. These forms can also be obtained from the SEC by calling 1-800-SEC-0330.

SOURCE Noble Energy, Inc.