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Noble Energy reviews lessons from Nicaragua

Nov. 14, 2013 at 8:17 AM   |   Comments

HOUSTON, Nov. 14 (UPI) -- Mike Putnam, an exploration director for Noble Energy, said Nicaraguan drilling results were disappointing but positive data were gleaned from the effort.

Noble Energy, which has headquarters in Texas, said it encountered no hydrocarbons while drilling into its Paraiso-1 exploration well. Paraiso-1 is in deep waters off Nicaragua.

"While we are disappointed that the well did not lead to a discovery, there were several positive observations during drilling," he said in a statement Wednesday. "The information gathered from this well will be integrated into our regional geologic model to help us assess the remaining exploration potential over our nearly 2 million-acre position offshore Nicaragua."

Noble said Paraiso-1 was its first well drilled in the deep waters off Nicaragua. It was part of the company's frontier exploration campaign.

Nicaragua has no reported proven recoverable reserves of oil or natural gas.

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