Noble Releases Deepwater Drilling Results

Noble Releases Deepwater Drilling Results

(NBL:NYSE – commentary – research – Cramer’s Take) announced Thursday the preliminary drilling results for the Raton in the Gulf of Mexico. The oil and gas company said that while it is premature to estimate resources, the well encountered 90 feet of hydrocarbon pay over three zones.

The Raton well is located in about 3,400 feet of water and is drilled to a total measured depth of 20,106 feet, the Houston-based company said.

Noble Energy, which is the operator of the well, holds a 50% working interest while Samson Offshore and Energy Partners (EPL:NYSE – commentary – research – Cramer’s Take), each have a 25% working interest.

“The results of the initial well at Raton are encouraging, particularly in light of the proximity of the well to our Redrock discovery,” the company said. “The Raton delineation, planned for the fourth quarter, along with expected appraisal work at our recent Redrock discovery just five miles to the north, will be important in helping us formulate a combined development plan for both discoveries.”

Noble Energy’s shares closed up $1.16, or 3.1%, to $38.43 Thursday.


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