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Ceres Discovery Reinforces the Potential of the Southeastern Portion of Block 31
Posted: 04 April 2005
Marathon Oil Corporation (NYSE: MRO), through its wholly owned subsidiary, Marathon International Petroleum Angola Block 31 Limited, has announced the Ceres-1 deepwater discovery in Angola.
The Ceres-1 discovery well is located approximately 170 kilometers (105 miles) off the Angolan coast in 1,633 meters (5,358 feet) of water. The well was drilled to a total depth of 4,334 meters (14,220 feet) and tested at a maximum rate of 5,644 barrels of oil per day through a 44/64 inch choke. Ceres is located approximately 32 kilometers (20 miles) southeast of the planned Northeast Development Area where four previous discoveries were made, and is about 31 kilometers (19 miles) northwest of the recently announced Palas discovery.
"The Ceres well is the sixth discovery announced by Marathon on Block 31 and the eighth discovery in our deepwater exploration program on Blocks 31 and 32," said Philip Behrman, Marathon senior vice president of Worldwide Exploration. "This is the second discovery in the southeastern portion of the block and it further enhances the potential for a second development area on Block 31."
The concessionaire of Block 31 is Sonangol, Angola's state-owned oil company. Marathon holds a 10 percent interest in Block 31, along with the operator BP Exploration Angola with 26.67 percent, Sonangol, E.P. with 20 percent, Esso Exploration and Production Angola (Block 31) Limited with 25 percent, Statoil Angola A.S. with 13.33 percent and TEPA (Block 31) Ltd. (a member of the TOTAL group) with 5 percent.
This news release contains forward-looking statements concerning the possibility of a significant new resource base. These forward-looking statements may be affected by a number of factors or are based on a number of assumptions, including, among others, pricing, supply and demand for petroleum products, amount of capital available for exploration and development, regulatory constraints, timing of commencing production from new wells, drilling rig availability, unforeseen hazards such as weather conditions, presently known data concerning size and character of reservoirs, economic recoverability, future drilling success, production experience, acts of war or terrorist acts and the governmental or military response thereto, and other operating considerations. In accordance with "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Marathon Oil Corporation has included in its Annual Report on Form 10-K for the year ended December 31, 2004, cautionary language identifying important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements.
Posted by Editor Pipeline Magazine
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