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Noble Energy Announces Increase In Leviathan Resource Estimate

Stocks in this article: NBL WPL

HOUSTON, March 6, 2013 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL) today announced results from its second Leviathan appraisal well located in the Rachel license offshore Israel.  The Leviathan #4 appraisal well was drilled to a total depth of 16,992 feet and encountered 454 net feet of natural gas pay in multiple intervals, the thickest net pay of any well drilled to date at Leviathan.  Reservoir quality and the field-wide gas/water contact were confirmed at the well location and 240 feet of core were recovered.  These results have enhanced the Company's understanding of the reservoir, which has led to an increase in the estimated recoverable gross mean resources of the field to 18 trillion cubic feet (Tcf) with a range (1) of 15 to 21 Tcf. 

Charles D. Davidson, Noble Energy's Chairman and CEO, commented, "The successful Leviathan #4 well has provided us with additional information to improve our knowledge of this enormous resource.  Our teams are working with our partners and the Israeli government towards sanction of a domestic project at Leviathan this year."

Following operations at Leviathan #4 and pending partner approval, the Ensco 5006 rig will be relocated to the Karish prospect in the Alon C license offshore Israel.  The Karish prospect has a pre-drill gross mean resource estimate of 3.0 Tcf with a range (1) of 2.3 to 3.6 Tcf and is expected to reach total depth in the second quarter.

The negotiations between the partners in Leviathan and Woodside Petroleum Ltd. (ASX: WPL) are ongoing.  The parties remain committed to the execution of the farmout agreement supporting the development of the Leviathan resources.

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.

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