Noble Energy, Inc. provides an update on its drilling activities in Equatorial Guinea. The 'I-5' Benita oil appraisal well, designed to determine downdip reservoir limits as well as provide an opportunity to flow test the oil zone, was successfully drilled to a total depth of 10,088 feet (3,075 meters). Drilling results 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).

Noble Energy is currently preparing to flow test the well, after which the rig will proceed to drill a Block "I" Miocene prospect named Diega. The Company has also reached total depth on the Felicita prospect in Block "O" and has identified an apparent gas condensate bearing sand with anticipated yields similar to the Belinda discovery.

Charles D. Davidson, Noble Energy's Chairman, President, and CEO said, "Today's meeting provides an opportunity to highlight the tremendous growth in opportunities and resource inventory that we have experienced over the past year. Our 2008 performance continues to exceed our expectations. Production remains strong, costs well-managed and our exploration program is off to a great start with two more successful wells in Equatorial Guinea. As we look beyond this year, we are extremely excited about our prospects for growth and the potential to deliver value to our investors."

Tags: Noble Energy