Noble adds Rhea to well line-up offshore the Falklands

Offshore staff

STANLEY, Falkland Islands – Noble Energy and Edison International will drill an exploration well later this year on the potential 443-MMbbl Rhea prospect in the offshore North Falkland basin.

The duo has completed a farm-in to license PL001, previously operated by Argos Resources, which covers an area of 1,126 sq km (435 sq mi).

Noble and Edison will respectively earn a 75% and 25% interest in the license at no cost to Argos, with the latter retaining an overriding royalty interest of 5% of gross production from any hydrocarbon discoveries developed within the license area.

This initial well fulfils the remaining work obligation on the license’s second exploration term.

A 3D seismic survey over the license in 2011 led to identification of 52 prospects and 40 leads holding potentially 3.1-10.4 Bbbl combined.

A Competent Persons Report in 2013 highlighted Rhea and Rhea Stack as stand-out targets.



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