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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Frank who wrote (66462)	5/18/2000 9:05:00 AM
From: jim_p	Read Replies (1) \| Respond to of 95453

Good news for NBL and FLC. Noble Affiliates Confirms Continued Success Offshore Israel ARDMORE, Okla., May 17, 2000 /PRNewswire via COMTEX/ -- Noble Affiliates, Inc. (NYSE: NBL) today announced its wholly owned indirect subsidiary, Samedan, Mediterranean Sea, has successfully appraised the southern extension of the Noa field, offshore Israel. The Noa South #1 well was drilled in 2,430 feet of water approximately 23 miles off the coast of Israel. The well is 2.2 miles south of the initial discovery well Noa #1 and 8 miles west of the Mari-B field discovery announced earlier this year. The Noa South #1 well encountered 114 feet of gas bearing sands compared to 64 feet of gas sands in the Noa #1 well. The Noa #1 well tested at a rate of 30 million cubic feet per day. Based upon electric log evaluation and other data obtained from the well, the Noa South #1 will be capable of flowing at commercial rates in excess of that tested at Noa #1. The Noa South #1 well confirms recoverable reserves of more than 200 billion cubic feet of gas in the Noa area and more than 1.3 trillion cubic feet of gas in the greater Noa/Mari-B areas. The Noa South #1 well marks the fourth consecutive successful well drilled by the company offshore Israel. The company, on behalf of itself and partners, is in discussions with the Israel Electric Corporation, Ltd. and has entered into a non-binding Memorandum of Understanding to supply 250 million cubic feet of gas per day to its power plants with initial deliveries commencing late 2002 or early 2003. The company intends to recommence exploratory drilling later this year in anticipation of meeting the expected demand growth for natural gas in Israel. Samedan, Mediterranean Sea owns a 40 percent working interest in the lease and is the operator. Other working interest owners are Avner Oil Exploration Limited Partnership, 21.39 percent; Delek Drilling Limited Partnership, 23.61 percent and RB Mediterranean Ltd., a wholly owned subsidiary of R & B Falcon (NYSE: FLC), 15 percent. The group also owns similar working interests in nine additional exploration licenses and two preliminary permits offshore Israel, encompassing 1,062,675 gross acres. Noble Affiliates, Inc. is an independent energy company with exploration and production operations throughout major basins in the United States, including the Gulf of Mexico, as well as international operations primarily in Argentina, China, Ecuador, Equatorial Guinea, the Mediterranean Sea and the North Sea. Its common stock is listed on the NYSE under the symbol "NBL." This news release includes "forward looking statements" within the meaning of section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All Statements other than statements of historical fact included in this news release, including, without limitation, estimates of daily production of gas and gas reserves, are forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Certain risks and uncertainties inherent In the company's business are set forth in the filings of the company with the Securities and Exchange Commission. SOURCE Noble Affiliates, Inc.