The Company also announced that the Scotia exploration well offshore Falkland Islands was drilled to a depth of 18,226 feet and reached its Cretaceous objective as expected on 2D seismic. The well experienced hydrocarbon shows while drilling the target section. Initial log analysis identified 164 feet of low quality reservoir. The operator of the well, Falklands Oil and Gas plc. (FOGL), now intends to plug and abandon the well.
Susan M. Cunningham, Noble Energy's Senior Vice President of Exploration and Business Innovation, commented, "We are encouraged by the well results. Although we did not see a substantial amount of reservoir section, virtually all sandstones with significant porosity in and below the target contained hydrocarbons. Following our imminent acquisition of 3D seismic, we will integrate well results and assess the economic viability of this particular prospect. The 3D seismic will also help identify future exploration activity on our 10 million gross acre position."
Noble Energy holds a 35 percent interest and will become operator of the Northern Area Licenses on March 1, 2013. Partners include FOGL with 40 percent and Edison International Spa with 25 percent.
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