Noble Energy, Inc. announces a new discovery on the PH-77 license offshore the Republic of Cameroon. The well, located in 1,732 feet of water (528 meters), had a primary target in the Miocene named "YoYo-1". There was also a secondary target in the deeper Paleogene, in which commercial hydrocarbons were not found. However, a high quality Miocene reservoir containing 95 feet (29 meters) of net hydrocarbon pay was encountered in the "YoYo-1" prospect interval. Production tests from the Miocene reservoir yielded flow rates of 330 barrels per day of condensate and 31 million cubic feet per day of natural gas, or approximately 5,500 barrels of oil equivalent per day (based upon a natural gas to crude oil conversion ratio of 6 to 1), with production rates limited by test facilities. The Miocene discovery was encountered at a depth of 8,425 feet (2,568 meters). With the installation of cooling and processing facilities, condensate yields can be increased. Additional appraisal work will be necessary to verify the areal extent of the "YoYo-1" discovery.
Noble Energy Cameroon Limited is the Operator of the PH-77 license with a 50 percent participating interest. The other participants in the PH-77 license area are Societe Nationale des Hydrocarbures (SNH), the national petroleum company of Cameroon and PETRONAS Carigali Overseas Sdn. Bhd, a wholly owned subsidiary of the Malaysian national oil company, PETRONAS. PH-77 covers 1.125 million acres between the coast of the Republic of Cameroon and its international boundary with the Republic of Equatorial Guinea. The license area is contiguous with Blocks 'O' and 'I,' offshore Bioko Island in the Republic of Equatorial Guinea.
Charles D. Davidson, Noble Energy's Chairman, President and CEO, said, "We are pleased that our first well offshore Cameroon has resulted in a new discovery. The presence of hydrocarbons in high quality reservoirs, as well as the developing gas infrastructure in West Africa, leads us to believe that the area has significant potential for Noble Energy and its partners."