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Noble Energy defers second Falklands offshore drill

13th April 2015

Noble Energy and its joint venture partners Falklands Oil and Gas Limted (FOGL) and Edison International have elected to defer a potential second well in the South and East Falkland basin

Noble Energy and its joint venture partners Falklands Oil and Gas Limted (FOGL) and Edison International have elected to defer a potential second well in the South and East Falkland basin
Noble, Edison and FOGL remain fully committed to exploration in the South and East basin and still firmly believe in its prospectivity.

The joint venture partners have concluded, having taken into account a number of factors,  that the optimum course of action is to defer the drilling of a second well in the southern basin.

In these circumstances FOGL was amenable to a proposal from Noble, that in order to fulfil the drilling commitment, they should utilise the contracted drilling slot to drill a well in the North Falklands Basin.

“"We are very satisfied with this alternative plan for the exploration of the South and East Falklands basins which provides more time to fully utilise the extensive 3D seismic dataset, assimilate the results of the Humpback well and take advantage of the lower rig and services costs that may prevail,” said Tim Bushell, FOGL chief executive officer.

This revised drilling programme will mean the joint venture partners have more time to fully assess the Humpback results, and given encouragement, plan further exploration and appraisal wells. It means that the partners can potentially take advantage of lower future drilling costs, will be able to complete the technical assessment of the Scharnhorst and Starfish prospects and determine whether they are suitable future drilling targets in light of the Humpback results.

Noble, Edison and FOGL remain fully committed to exploration in the South and East basin and still firmly believe in its prospectivity.

The well on the Humpback prospect is considered by the joint venture partners to be the prime 'play opening' well. It is an important test of concept, in terms of evaluating the Cretaceous deepwater fan play and the presence of oil within the Fitzroy sub-basin. Humpback is located near a cluster of similar prospects totalling over one billion barrels of oil.

The operator estimates that the Humpback prospect contains between 250 and 650 mmbbls of gross prospective resources (un-risked). If the initial drilling results are encouraging, the joint venture partners will look to fully appraise Humpback and drill other similar prospects within the play area. Such further exploration and appraisal drilling would be part of a future campaign, with wells on either Scharnhorst and/or Starfish also possibly forming part of such a programme.

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