In addition, multiple new venture opportunities provide substantial exploration upside and the potential to discover new core areas for Noble Energy.
The Company's new venture teams actively seek out new exploration opportunities and their efforts have resulted in the acquisition of large acreage positions offshore the Falkland Islands, Nicaragua, Sierra Leone, and an onshore US position in Nevada. In the Falkland Islands, the Company is preparing to commence exploration in 2015 following significant seismic and G&G studies.
Noble Energy drilled two wells in northeast Nevada during 2013, targeting the Elko formation, with initial encouraging results. In the first quarter of 2014, the Company completed one well, successfully recovering oil and is currently performing for a long-term oil test. Additional wells are planned to be drilled later in 2014.