Recent Discoveries

The Gunflint discovery represents our largest discovery to-date in the deepwater Gulf of Mexico. Drilled on Mississippi Canyon Block 948, we generated this subsalt Miocene prospect and acquired the lease at the March 2006 OCS Sale 198. The discovery well encountered more than 550 feet of net hydrocarbon pay in multiple high-quality reservoirs. After signing a unitization agreement, we retained operatorship with a 26 percent working interest. Appraisal drilling is in progress and will help define the full extent and potential of the reservoir, which we believe is potentially up to 500 million barrels of oil equivalent (MMBoe).

Galapagos (Isabela - June 2007, Santa Cruz - April 2009, Santiago - May 2011)

At Mississippi Canyon 519 and 562, we discovered 130 MMBoe of gross resources at the Isabela, Santa Cruz, and Santiago fields. The Galapagos development was sanctioned in 2009 as a subsea tieback to nearby infrastructure. First oil production from the upper and middle Miocene discoveries is anticipated in early 2012. The Galapagos development has significant upside from increased recoveries in the discovered intervals, as well as shallow zone and additional offset potential. Total gross potential for Galapagos is approximately 250 MMBoe.

The natural gas discovery in Cyprus Block 12 has estimated gross mean resources of 7 trillion cubic feet (Tcf). The discovery well encountered 310 feet of net natural gas pay in multiple high-quality Miocene sand intervals. The Block 12 field covers approximately 40 square miles and will require additional appraisal drilling. At the time of discovery, it was the fifth consecutive natural gas field discovery for the Company in the Eastern Mediterranean.

Israel
Leviathan (December 2010)

The largest exploration discovery in our history, Leviathan, with 17 Tcf of gross natural gas mean resources, represented the largest deepwater natural gas discovery in the world over the past decade. It was our third significant offshore natural gas discovery in the Levantine basin, following Tamar and Dalit. Over 220 feet of net natural gas pay was encountered in several subsalt Miocene intervals at Leviathan. Noble Energy and partners are evaluating the monetization options at Leviathan, including various LNG and pipeline export opportunities. We have a near 40 percent operated working interest.

Tamar (January 2009)

The Tamar natural gas discovery was the largest conventional gas discovery in the world in 2009. Drilled in a highly under-explored area of the Mediterranean Sea, the well encountered more than 600 feet of net pay in three high-quality reservoirs. Appraisal work, including drilling and core sample analysis, has determined gross mean resources of 9 Tcf of natural gas. This discovery will enable us to continue delivering critical energy to Israel for many years to come. Development work at Tamar is underway, and we expect to begin commissioning gas at Tamar by the end of 2012. We operate the Tamar development with a 36 percent interest.

Tanin (February 2012)

The Tanin discovery is the sixth consecutive field discovery for the Company in the Eastern Mediterranean. The estimated gross mean resources of 1.2 Tcf bring the total discovered gross mean resources in the Levant Basin of the Eastern Mediterranean to approximately 35 Tcf. Tanin is the fourth field over 1 Tcf that has been discovered in this basin.

Other discoveries offshore Israel include Dalit, a 2009 discovery with gross mean resources of 0.5 Tcf, and Dolphin, a small 2011 discovery.

West Africa

Noble Energy’s exploration successes in West Africa began in 2005 with the Alen gas-condensate discovery in Block O. Since that time, we have been actively engaged in offshore exploration in Equatorial Guinea (EG), with operated working interests of 45 percent in Block O, 38 percent in Block I, and 50 percent offshore Cameroon in the YoYo mining concession and Tilapia exploration block. To-date, we have identified a number of oil and gas-condensate reservoirs, which represent over 305 MMBoe of discovered resources net to Noble Energy. These discoveries include:

• Alen – gas-condensate (Block O – EG) - formerly known as Belinda
• Aseng – oil (Block I – EG) - formerly known as Benita
• Yolanda – gas-condensate (Block I – EG)
• Felicita – gas-condensate (Block O – EG)
• Diega – oil and gas-condensate (Block I – EG)
• YoYo – gas-condensate (YoYo mining concession – Cameroon)
• Carmen – oil and gas condensate (Block O – EG)
• Carla – oil discovery (Block O – EG)

The first project was the Aseng FPSO development, which came on line seven months ahead of schedule in November 2011. Following Aseng, the Alen gas-condensate project is estimated to start-up in late 2013. In early 2011, we announced a successful appraisal well in the Carmen - Diega area and are currently performing sidetrack operations to further understand the resource area. An oil discovery at Carla was announced in the 4th quarter of 2011, located below the Alen field. In addition, we are working with a number of parties to further the gas monetization discussions for other discoveries.