Noble & Samson forge deepwater exploration agreement

Offshore staff

(US, GoM) - Noble Energy, Inc. and Samson Offshore Company have entered into an exploration agreement covering interests in 37 deepwater leases held by Noble Energy in the Gulf of Mexico.

Under the terms of the agreement, Samson will acquire a 25% working interest net to Noble Energy's existing working interest in the leases, a majority of which are currently 100% owned and operated by Noble Energy. In addition, Samson will participate in at least four exploratory wells through the end of 2008, the first of which is scheduled to spud later this month.

"Long-term strategic alliances, like the agreement announced today with Samson, will become a key component of our deepwater exploration program in the future," said Dave Stover, Noble Energy's senior VP for North America. "This agreement guarantees that we will have a committed partner in upcoming exploration wells for several years. It will also help us leverage resources to expand our opportunity base in the deepwater. Samson is a premier E&P player active in many other domestic and international areas and will bring experienced personnel to the partnership. We are pleased they have chosen to team up with Noble in the deepwater GoM."

"Noble is a very successful and experienced deepwater explorer and operator," said David Adams, Samson's executive VP of exploration. "They have assembled a high quality portfolio of deepwater prospects. Given Noble's experienced and highly talented employees, we are confident this partnership will be profitable and rewarding."

12/08/05