HOUSTON - Noble Energy Inc. said Wednesday it made a "significant" discovery of natural gas off the coast of the Mediterranean nation of Cyprus.
Noble said a well drilled 19,225 feet in water 5,540 feet deep hit a gas-bearing band about 310 feet thick.
The company said results indicate that the area could hold 5 trillion to 8 trillion cubic feet of gas, but more test drilling will be required.
Noble operates the well and holds a 70 percent interest, with Delek Drilling and Avner Oil Exploration each having a 15 percent stake, subject to approval from the government of Cyprus.
Houston-based Noble explores for oil and gas in the U.S., the Gulf of Mexico, the eastern Mediterranean and off the coast of West Africa.
Noble shares fell $1.46 to $94.18 in afternoon trading. They have ranged from $65.91 to $101.27 in the past year.
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Source: http://www.cnbc.com/id/45807761?__source=RSS*tag*&par=RSS
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