Noble Energy Announces Test Results From Benita Oil Appraisal in Equatorial Guinea

HOUSTON, June 5 /PRNewswire-FirstCall/ — Noble Energy, Inc. today announced flow test results from the Benita oil appraisal well in Block “I” offshore Equatorial Guinea. As previously announced, the ‘I-5′ well encountered approximately 42 feet (13 meters) of net oil pay, defined the water-oil contact, and moved the lowest known oil down structure approximately 28 feet (9 meters). Test results from this high-quality Miocene reservoir yielded flow rates of 6,250 barrels of oil per day and 5.4 million cubic feet per day of natural gas, with production rates limited by test equipment. Based on test information gathered, the Benita development wells are anticipated to produce approximately 10 thousand barrels of oil per day. Samples taken indicated a crude oil gravity of 30 degrees.

Charles D. Davidson, Noble Energy’s Chairman, President and CEO, said, “We are very encouraged with the results from the Benita downdip oil appraisal. Flow tests have confirmed our initial expectations that Benita could produce at a rate of 50 thousand barrels of oil per day from just 5 wells. We are moving forward with the engineering and production studies to submit a plan of development by the end of the year, with hopes to sanction the project in 2009. Our target for first production from Benita remains 2012.”

The Sedco 700 deepwater rig is preparing to drill the Diega prospect, an additional Miocene target approximately 5.5 miles north of Benita on Block “I”. Diega, located in 2,165 feet (660 meters) of water with a proposed well depth of 10,500 feet (3200 meters), has a gross resource potential of between 20 and 80 million barrels of oil equivalent.

Noble Energy is the Technical Operator of Block “I” with a 40 percent participating interest. Its partners on the block include Atlas Petroleum International Limited (29 percent participating interest), who is the Administrative Operator, Glencore Exploration Ltd. (25 percent participating interest) and Osborne Resources Limited, a company within the PA Resources Group (six percent participating interest). GEPetrol (the national oil company of the Republic of Equatorial Guinea) has a five percent carried interest once commerciality has been determined.

Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production. The Company operates primarily in the Rocky Mountains, Mid-Continent, and deepwater Gulf of Mexico areas in the United States, with key International operations offshore Israel, UK and West Africa. Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol ‘NBL.’ Visit Noble Energy online at http://www.nobleenergyinc.com/.

This news release may include projections and other “forward-looking statements” within the meaning of the federal securities laws. Any such projections or 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. Risks, uncertainties and assumptions that could cause actual results to differ materially from those projected 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 action, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy’s business that are detailed in its Securities and Exchange Commission filings. Words such as “anticipates,”"believes,”"expects,”"intends,”"will,”"should”, “may,” and similar expressions may be used to identify forward-looking statements. Noble Energy assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.

For additional information – website http://www.nobleenergyinc.com/

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Noble Energy, Inc.

CONTACT: David Larson, +1-281-872-3125, dlarson@nobleenergyinc.com, orBrad Whitmarsh, +1-281-872-3187, bwhitmarsh@nobleenergyinc.com

Web site: http://www.nobleenergyinc.com/