Huge Natural Gas Reservoirs Discovered Off the Coast of Israel

• Discovery would significantly improve Israel's economic and political position

Early projections of indicate that the field is so plentiful that Israel would even be able to export the gas.

January 18, 2009: oble Energy Inc. has found three massive natural gas reservoirs that could significantly improve Israel's economic outlook.

Noble Energy, Inc. (NYSE: NBL) announced yesterday a natural gas discovery at the Tamar prospect in the Matan license, offshore Israel. The Tamar #1 well, located in approximately 5,500 feet of water, was drilled to a total depth of 16,076 feet to test a subsalt, lower-Miocene structure in the Levantine basin. Formation logs identified more than 460 feet of net pay in three high-quality reservoirs. The thickness and quality of the reservoirs encountered were greater than anticipated at the well location.

If the projections are accurate it would be an ironic twist of fate for Israel as they have had to go through a convoluted distribution path to secure natural gas from other countries that would like to wipe Israel off the map. Lately, Russia has suggested the establishment of an OPEC-like natural gas consortium. It'll be interesting to see what excuses the anti-Semitic countries come up with to keep Israel out of the group.

About Noble Energy
Noble Energy is a leading global oil and gas exploration and production company. The company's substantial domestic presence offshore in the Gulf of Mexico and onshore in the Gulf Coast provides the resource base from which to make the most of its opportunities. Noble Energy's outstanding portfolio of international projects represents a clear growth path for several years to come. Noble Energy has been operating wells offshore Israel since 1998.