Noble Energy to explore Block O off Equatorial Guinea

May 10, 2004

Noble Energy Inc. subsidiary Noble Energy EG Ltd. has signed a production sharing contract (PSC) with the Republic of Equatorial Guinea covering Block O off Bioko Island. Block O, in more than 500 m of water, covers 1,772 sq km adjacent to Alba field, which contains estimated gross resources of one billion boe.

By OGJ editors

HOUSTON, May 10 -- Noble Energy Inc. subsidiary Noble Energy EG Ltd. has signed a production sharing contract (PSC) with the Republic of Equatorial Guinea covering Block O off Bioko Island. Block O, in more than 500 m of water, covers 1,772 sq km adjacent to Alba field, which contains estimated gross resources of one billion boe.

Technical operator Noble Energy holds a 45% working interest; the national oil company of Equatorial Guinea GEPetrol will be administrative operator with 30%; and Glencore Exploration Ltd., a unit of Glencore International AG of Switzerland 25%.

The partners will drill two exploration wells within the first 3 years beginning in 2005.