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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (177159)	5/24/2013 9:20:30 AM
From: Dennis Roth	2 Recommendations Read Replies (1) \| Respond to of 206159

Noble Energy Inc (NBL) Alert: Karish Discovery Gross Resource Pegged at 1.6-2.0 Tcf 22 May 2013 ¦ 8 pages ir.citi.com Karish Discovery Gross Resource Pegged at 1.6-2.0 Tcf... – As announced last week by Delek Drilling, the Karish prospect (NBL 47% WI) offshore Israel encountered 184 ft of net natural gas pay in high-quality lower Miocene sands. The well was drilled to a total depth of 15,783 ft and is located in the Alon C license ~20 miles northeast of the Tamar field. Discovered gross resources, combined with the de-risked resources in an adjacent fault block on the license, are estimated by Noble to be 1.6-2.0 Tcf although the company’s previous gross unrisked mean resource estimate for Karish was 3.0 Tcf. Based on the 1.6-2.0 Tcf gross resource estimate and $0.40/Mcf of net present value, we value the Karish discovery at ~$1.70-2.10/share for Noble, net of royalties. ...With Total Levant Basin Gross Resource Estimate Now 38 Tcf – Karish marks the seventh consecutive field discovery for Noble and its partners in the Levant Basin. With the addition of Karish and the recent increase in resource estimates at Tamar and Leviathan (see our April 4th note), total discovered gross mean resource in the Levant Basin is now estimated to be ~38 Tcf. We value the Tamar, Leviathan and Karish discoveries at a combined ~$24/share for Noble, net of royalties (see Figures 1 and 2 for Tamar and Leviathan valuations). Cyprus Is Next On The Drilling Slate – The Ensco 5006 rig that drilled the Karish well will relocate to Cyprus where it is scheduled to spud an appraisal well next month. Following Cyprus, results are expected at the deepwater Gulf of Mexico Troubadour prospect and another deepwater Gulf prospect in Q3/Q4, Paraiso offshore Nicaragua in Q3 and Noble’s N.E Nevada tight oil play by YE13. Meanwhile, the Alen field offshore Equatorial Guinea is on track for first oil in Q3. Finally, following rig arrival at YE13, Noble will pursue a deep oil test at Leviathan. See Figure 3 for a summary of the company’s upcoming exploration prospects. Reiterate Buy Rating – And $130 per share 12-month price target.