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Marathon Announces Seventh Deepwater Discovery on Angola Block 31
Posted: 01 August 2005
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Juno Discovery Underscores Potential for Second Development Area on Block 31
Marathon Oil Corporation announced that its subsidiary, Marathon International Petroleum Angola Block 31 Limited, has participated in the seventh deepwater discovery on Block 31 offshore Angola.
The Juno-1 discovery was drilled in the southeastern part of Block 31 approximately 60 kilometers (36 miles) southeast of the planned Northeast Development Area where four previous discoveries were made (Plutao, Saturno, Marte and Venus). The Juno-1 discovery well is located approximately 165 kilometers (103 miles) off the Angolan coast in 1,601 meters (5,253 feet) of water. The well was drilled to a total depth of 3,200 meters (10,499 feet) and tested at a mechanically restricted rate of 2,676 barrels of oil per day through a 28/64 inch choke.
"The Juno well is the tenth discovery in our deepwater exploration program on Blocks 31 and 32," said Philip Behrman, Marathon senior vice president of Worldwide Exploration. "This discovery further reinforces the potential for a second development area on Block 31."
Marathon and its partners are evaluating and integrating the results of the Juno well with the two other discoveries (Ceres and Palas) previously made in the southeastern part of 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 Pr ivate 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, and in subsequent Forms 10-Q and 8-K, 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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