Noble Energy, the American independent, went ahead to share out money, inspite of a very disappointing result of its first well in Cameroon, West Africa. The $35Million Trema 1 well, located in 594metres of water in the Tilapia licence offshore Cameroon was plugged and abandoned after coming up water wet at the objective levels. Noble Energy operates the licence with a 50% interest. The company’s board of directors declared an increase in its quarterly cash dividend to 25 cents per common share, up from 22 cents per common share last quarter. The dividend was paid on November 19, 2012 to the shareholders of record on November 5, 2012. 
Noble acknowledged the Cameroon dry hole in its third quarter report but it wasn’t reported as a major issue. “Exploration expense includes leasehold costs associated with our exit from Senegal and dry hole cost associated with the Trema well, offshore Cameroon”, was all the company noted in the report. Noble has actually had a good run, coming up with third quarter 2012 net income of $221 million, or $1.23 per share diluted, and net income from continuing operations(1) of $164 million, or $0.91 per share diluted. “Excluding the impact of unrealized commodity derivative losses and certain other items, third quarter 2012 adjusted net income from continuing operations(2) was $167 million, or $0.93 per share diluted. Net income from continuing operations for the third quarter 2011 was $491 million, or $2.67 per share diluted and adjusted net income from continuing operations(2) was $191 million, or $1.01 per share diluted”.
Much of the company’s oomph came from its West African operations. “The Aseng field (OFF Equatorial Guinea)produced an average of 64 thousand barrels per day (MBbl/d) or 22 MBbl/d net for the quarter, with minimal downtime. The Alba field performed as expected and had one lifting in the third quarter versus two in the second quarter. Overall underlifting for the third quarter was 5 MBbl/d in West Africa”.
Noble Energy is engaged has core operations onshore in the U.S., primarily in the DJ Basin and Marcellus Shale, in the deepwater Gulf of Mexico, offshore Eastern Mediterranean, and offshore West Africa. Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL. Further information is available at www.nobleenergyinc.com.
