Noble Energy Hits New Offshore Oil Source

Oil and gas exploration company Noble Energy on Friday said it made an oil discovery off the shore of Equatorial Guinea.

The Carmen well, located in about 150 feet of water and drilled to a total depth of 11,550 feet, encountered about 26 feet of net oil pay — the thickness of the rock that can deliver oil to the well — along with 13 feet of net gas pay.

The company said the well has been temporarily abandoned pending future development considerations and that there are no current plans to flow test the reservoir.

The well is located in a region known as Block "O," and the company said it feels optimistic about future discoveries in the region and will continue seeking similar opportunities. Noble Energy is the technical operator of Block "O" with a 45 percent participating interest.

Shares of Noble Energy rose slightly Friday.