"Noble finds 'substantial' gas off Cyprus"

Upstream:

The results from the deep-water probe in Block 12 exceeded expectations, said the Nicosia-based newspaper Politis, which would indicate that the discovery, if confirmed, would be larger than Noble’s pre-drill estimate of 9 trillion cubic feet.

Noblen ja kumppaneiden naapurista Israelin merialueilta tekemät löydöt kattavan maan kaasun kysynnän reilusti, joten kaasun vienti LNG:n muodossa alkanee viiden vuoden kuluessa. Tällä hetkellä lupaa maakaasun maasta vientiin ei ole.

Alueella taitaa tällä hetkellä olla töissä kolme dw-porausalusta; jos Kyproksen vesiltä löytyy Tamarin kokoluokan kenttiä(~9 TCF:ää), niin 3-4 alusta työllistyneen alueelle suht vakinaisesti.

Muoks 25.12.2011

Öljy-inisijä outfarmaroi

ROCKSOURCE FARMS DOWN ACREAGE POSITION IN AGC PROFOND

Rocksource (OSE: RGT) today announces a farm-down
agreement with Noble Energy in AGC Profond PSC,
offshore Senegal and Guinea Bissau. Through this
transaction Rocksource shall receive reimbursement
for past expenditure, cover for promoted drilling
costs, and receive a contingent contribution towards
any appraisal expenditure. The initial committed
value of this transaction is USD 28 million, with a
further USD 6 million of contribution should Noble
and Rocksource elect to drill a second well following
the drilling of Kora-1, and a further USD 20 million
should a discovery be made and appraisal undertaken...

ja

The first exploration well - the Kora 1 well - is
expected to spud shortly. The Kora prospect has, in
Rocksource's opinion, an expected resource size of
approximately 450 million barrels of oil. To date, 16
prospects have been mapped in the PSC and these
represent a total un-risked resource potential
estimated at approximately 1.7 billion barrels of oil
equivalent. Five of these prospects have been tested
by acquiring electromagnetic (EM) data across them.
The results of processing and interpretation of these
surveys revealed strong positive EM anomalies in
three prospects, of which one was defined mainly
based on the EM results.

Osuus laimenee, mutta mukaan tulee NBL, mikä on positiivista. Koraa ei näköjään ole vieläkään spudattu.

Nööbeli:

The first target to be drilled is the Kora prospect in the northern part of the block, nearly 65 miles offshore in approximately 8,600 feet of water. The Kora prospect has a Cretaceous oil target with gross resources estimated at 450 million barrels of oil equivalent. The chance of success at the prospect is estimated by Noble Energy to be 20 percent. Total well depth is planned to be approximately 15,200 feet. Drilling is anticipated to begin in late June 2011 utilizing the Maersk Deliverer rig, with results expected by the end of August 2011.

David L. Stover, Noble Energy's President and COO, commented, "We are pleased to be adding this new exploration area to the portfolio. Offshore West Africa is a region where the industry has had numerous recent exploration successes, including our own offshore Equatorial Guinea and Cameroon. The AGC Profond block is an area that has not previously been explored and we believe it has significant oil potential. Our new ventures team did a great job of capturing this opportunity for Noble Energy, expanding our already large exploration inventory."

Rocksource arvioi Koran CoSin olevan +50% EM-datan perusteella.

Noble Energy

Noble Energy (NYSE:NBL)

Noble Energy is a leading global oil and gas exploration and production company. The company's substantial domestic presence offshore in the Gulf of Mexico and onshore in the Gulf Coast provides the resource base from which to make the most of its opportunities. Noble Energy's outstanding portfolio of international projects represents a clear growth path for several years to come.

Noble Energy is distinguished by its:

* Natural gas orientation
* Strong discretionary cash flow
* Ability to take advantage of opportunities
* Clear path to multi-year growth.

Market cap $7.41 billion(PPS $42.75)

P/E 5.46

P/B 1.18

Yield 1.6%($0.16/Q)

EPS: 2008: $7.58 2007: $5.45
2006: $3.79 2005: $4.20 2004: $2.82

Balance sheet

Assets
Current $2,158 million
Total $12,384 mllion(goodwill $759 million)

Liabilities
Current $1,174 million
Total $6,075 million

Equity 6,309 million

Reserves(proved) 2008: 864 MMBoe(natural gas 64%, oil 36%) 2007: 880 MMBoe 2006: 835 MMBoe 2005: 806 MMBoe

Undeveloped land US onshore: 1.3 million net acres, North Sea: 54 000 net acres, Israel: 807 000 net acres, Ecuador 852 000 net acres, Equatorial Guinea: 250 000 net acres, Cameroon 563 000 net acres

Production 2009P: 212-220 000 Boepd 2008: 215 000 Boepd 2007: 200,062

Total production costs per boe 2008: $7.84 2007: $6.99 2006: $6.97

Divestments/acquisitions:
2008: Mid-continent acquisition $292 million 2007: Argentinian asset divestment $117.5 million 2006: Gulf of Mexico shelf asset divestment $625 million, United States Exploration acquisition $411 million 2005: Patina merger $4.9 billion

Ownership profile
Major shareholders: NWQ Investment Management 9.7%, Axa Financial 8.5%, Barclays Global Investors 8.4%, FMR LLC 6.3%, Wellington Management Company 5.4%

Insiders own 3.03% of outstanding shares

Comments:
Current reserves are located onshore and offshore US, Israel, Ecuador, North Sea, Equatorial Guinea, Cameroon and China. The natural gas "orientation" isn't a plus as the majority of independents are willingly or unwillingly natural gas weighted reserve-wise. NBL's current reserves are located in relatively stable countries.