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Noble strikes oil at Santiago

06 June 2011

US operator Noble Energy made a discovery at the Santiago exploration prospect in the deepwater Gulf of Mexico, its third find in the Galapagos project.

In addition to its Santa Cruz and Isabela discoveries on Mississippi Canyon Block 519, the well was drilled to a total depth of approximately 18,920 feet in 6,500 feet of water. Total gross resources discovered in the larger Galapagos project, including the Santiago well, are estimated at 130 million boe or 75 per cent of the discovered resources are oil. In late February 2011, Noble received the industry's first drilling permit after the deepwater Gulf of Mexico moratorium for the Santiago prospect, where drilling was suspended in June 2010. Drilling operations resumed in early April 2011. “The discovery at Santiago is a great way to resume our drilling programme in the deepwater Gulf of Mexico,” said Charles D. Davidson, Chairman and CEO of Noble Energy. Other interest owners in the Santiago discovery are Houston Energy with 10 per cent, Red Willow Offshore with 20.25 per cent, and BP Exploration & Production with the remaining 46.5 per cent.

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