Noble Energy Test Results Prove Positive For Oil Production Off Equatorial Guinea

Aug 29, 2008 (financialwire.net via COMTEX) -- NBL | Quote | Chart | News | PowerRating -- August 29, 2008 (FinancialWire) -- Independent oil and gas company Noble Energy Inc. (NYSE: NBL | Quote | Chart | News | PowerRating) said that test results from its Diega oil discovery offshore Equatorial Guinea yielded a flow rate of 2,700 barrels per day and 2.7 million cubic feet per day of natural gas.

The company said performance modeling shows that development well completions can be designed to achieve production rates of 10,000 barrels per day plus associated natural gas.

Noble Energy is the technical operator of the site and has a 40 percent participating interest. The company also disclosed that previously discussed maintenance work affecting its Equatorial Guinea production operations has been completed as expected and the facilities are running at full capacity.

Shares of Noble Energy fell $1.67, or two percent, to close at $72.84, then added back $1.67 to $74.51 in after-hours electronic trading. The shares have traded between $58.41 and $105.11 over the past year.

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