Noble Energy Provides Operational Highlights at Howard Weil Conference
HOUSTON, March 25, 2012 /PRNewswire/ — Noble Energy, Inc. (NYSE: NBL) will discuss the following operational highlights on Monday, March 26, during its presentation at the Howard Weil 40th Annual Energy Conference:
- Gross production reached 60 thousand barrels per day (MBbl/d) from the Aseng field offshore West Africa. Through mid-March, Aseng has produced 7.3 million barrels of oil with nearly 100% run time.
- Current production in the DJ Basin has reached a record 74 thousand barrels of oil equivalent per day (MBoe/d), up 12 percent from the average daily production in the fourth quarter 2011. Horizontal production is expected to contribute 32 MBoe/d by year-end 2012, nearly double the exit rate of 2011.
- The Company’s initial extended reach well in the Wattenberg field, the Wells Ranch AE29-68HN, continues its strong performance. Production continues to track above a 750 MBoe type curve, resulting in significantly improved returns, lower F&D costs, and a projected payout in seven months. The Company expects to drill 12 to 15 additional extended reach wells in 2012 with two planned to spud in April.
- The Company has added 48,000 net acres in Northern Colorado where results from four recent wells indicate recoveries comparable to Wattenberg, with average EURs of 310 MBoe, and returns similar or better than Wattenberg due to high oil content. The Company has now increased the number of horizontal wells it plans to drill in its 230,000 net acre position in Northern Colorado. The increased drilling plans result in 35 to 40 wells for Northern Colorado representing over 20 percent of the 2012 horizontal Niobrara program.
- Established a 316,000 net acre position in a new onshore unconventional oil play for less than $200 per acre. Net risked resources are estimated at 500 million barrels of oil equivalent.
- Net risked resources have increased to 8 billion barrels of oil equivalent (BBoe), up 8 percent from 7.4 BBoe in November 2011. The increase reflects performance of the horizontal Niobrara program, including further derisking of acreage in Northern Colorado outside of the Wattenberg field, and new exploration opportunities onshore U.S. and offshore West Africa.
- Signed a natural gas sales contract for 2.7 to 3.5 trillion cubic feet (Tcf) with Israel Electric Corporation resulting in total gross contracted sales of 3.9 to 4.7 Tcf of natural gas from Tamar. The expected gross revenue of the existing six sales contracts totals $27 to $32 billion.
In addition, Noble Energy now expects first quarter 2012 volumes to be at the upper end of the previously announced first quarter guidance range of 228 to 236 MBoe/d. The projected performance is driven by strong DJ Basin production, Aseng performance, and the deferment of the majority of maintenance downtime at Alba until the second quarter.
Charles D. Davidson, the Company’s Chairman and CEO, will present at the conference on Monday, March 26, 2012 at 10:05 a.m. Central Time. An electronic version of his presentation will be available on Noble Energy’s website, www.nobleenergyinc.com.
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 planned development activities, 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 negotiation and execution of definitive agreements, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated 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.
SOURCE Noble Energy