Noble Energy Inc. wholly owned subsidiary Noble Energy EG Ltd. has acquired an interest in a production sharing contract (PSC) with the Republic of Equatorial Guinea covering block "I" offshore Bioko Island. The Ministry of Mines, Industry, and Energy approved the Deed of Assignment on September 1.

Under the terms of the PSC and the Deed of Assignment, Noble Energy will be the technical operator with a 40% working interest. Noble Energy's partner on block "I" is the Atlas Group with 60%, who will be the administrative operator. GEPetrol, the National Oil Company of Equatorial Guinea, will have a 5% carried interest once commerciality has been determined.

Block "I" is adjacent to block "O", which was awarded to Noble Energy in April 2004. Noble Energy is technical operator of block "O" with a 45% working interest. The company also holds a 33.75% working interest in the Alba field, which contains estimated gross resources of 1 Bboe.

Block "I" covers 806 sq km and is in 500 m of water. To date, GESeis has shot one 3D seismic survey.

Charles Davidson, Noble Energy's chairman, president, and CEO, said, "Several substantial leads have already been identified on Block 'I,' and we expect the prospectivity of this acreage will be enhanced after we process the recently acquired 3D seismic later this year."

09/10/04