NOBLE AFFILIATES IDENTIFIES TOWSLEY NO. 1 AS 'WILDCAT EXPLORATORY OIL WELL'
NOBLE AFFILIATES IDENTIFIES TOWSLEY NO. 1 AS 'WILDCAT EXPLORATORY OIL WELL' ARDMORE, Okla., June 12 /PRNewswire/ -- Noble Affiliates, Inc. (NYSE: NBL) today denied responsibility for information released by others about the potential or drilling status of its Towsley No. 1 well, which the company terms "a wildcat exploratory oil well." Noble and its wholly owned subsidiary, Samedan Oil Corporation, were responding to published reports, including forecasts of quantities of oil and/or gas reserves potentially recoverable, which had been attributed to other working interest owners in the well. The Towsley No. 1 well is being drilled on the Pico Anticline prospect located in Southern California, approximately 40 miles northwest of Los Angeles. Samedan is operator of the well and owns only an 8 percent working interest in the property. Plans currently are to drill the Towsley No. 1 well to a depth of approximately 16,500 feet in the Sespe formation. Since April 3, 1992, drilling has proceeded directionally. On June 10, 1992, the drilling had reached 15,840 feet, and was proceeding cautiously due to the diverse lithology (character of the rock formation) encountered and the highly deviated angle (approximately 35 degrees) of the wellbore. Robert Kelley, Noble's president and chief executive officer, said, "This is a wildcat exploratory oil well. While our geologic and engineering data support drilling the Pico Anticline prospect, we believe it is premature to discuss the size of a possible discovery or, for that matter, whether hydrocarbons in commercial quantities will be found at all." In the view of Samedan, based upon the technical data available, the amount of recoverable reserves from a discovery, if any, would likely be only a small fraction of the reserve amounts that have recently been associated with this prospect in certain publications. Kelley stressed that Samedan considers this prospect to be in the "high risk" category. 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 and offshore California, as well as international operations primarily in Canada, Tunisia and Indonesia. -0- 6/12/92 /CONTACT: William D. Dickson of Noble Affiliates, 405-223-4110/ (NBL) CO: Noble Affiliates Inc. ST: Oklahoma IN: OIL SU: DSC
CK -- NY041 -- 9658 06/12/92 12:14 EDT
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|Date:||Jun 12, 1992|
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