Noble Energy (NYSE:NBL) announced it has joined a venture to explore the AGC Profond block, located offshore Senegal and Guinea-Bissau in West Africa.
David L. Stover, Noble Energy's President and COO, commented, "We are pleased to be adding this new exploration area to the portfolio. Offshore West Africa is a region where the industry has had numerous recent exploration successes, including our own offshore Equatorial Guinea and Cameroon. The AGC Profond block is an area that has not previously been explored and we believe it has significant oil potential. Our new ventures team did a great job of capturing this opportunity for Noble Energy, expanding our already large exploration inventory."
Noble Energy has a potential upside of 22.8% based on a current price of $88.14 and an average consensus analyst price target of $108.2.
Noble Energy is currently above its 200-day moving average (MA) of $85.11 and should find resistance at its 50-day MA of $92.22.
In the last five trading sessions, the 50-day MA has fallen 0.55% while the 200-day MA has risen 0.35%.
Noble Energy, Inc. is an independent energy exploration and production company. The Company explores for and produces crude oil, natural gas, and natural gas liquids. Noble Energy operates primarily in the Rocky Mountains, Mid-continent, and deepwater Gulf of Mexico areas in the US, with key international operations offshore Israel, the North Sea and West Africa.
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