Noble moves into French deepwater permit

Noble Energy is set to assume operatorship of the deepwater Rhone Maritime concession offshore the Rhone delta in the French sector of the Mediterranean Sea.

Offshore staff

EDINBURGH, UK -- Noble Energy is set to assume operatorship of the deepwater Rhone Maritime concession offshore the Rhone delta in the French sector of the Mediterranean Sea.

Current operator and sole concessionaire, Melrose Resources, has entered into a Heads of Agreement under which the company would retain a 27.5% interest, the balance switching to Noble.

Melrose says the largely unexplored concession includes different frontier exploration plays which will need evaluation via new seismic data, before drilling can be considered.

The company sees this as a strategic partnership with an experienced deepwater operator. Noble will fund a disproportionate amount of the proposed seismic program, and the partners will seek an extension to the concession through November 2015. The transaction is subject to regulatory and board approvals.

07/30/2010

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