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Marathon fourth deepwater discovery in Angola

Posted: 26 November 2003

Marte discovery reinforces commercial viability of Block 31

Marathon Oil Corporation subsidiary, Marathon Petroleum Angola Block 31 Limited, participated in a deepwater discovery on Block 31 offshore Angola. The Marte - 1 discovery well reinforces the commercial viability of discoveries made on Block 31 and development options are currently being evaluated.

The Marte - 1 discovery well is located approximately 190 kilometers (118 miles) off the Angolan coast in 1,978 meters (6,489 feet) of water. The well was drilled to a total depth of 4,193 meters (13,756 feet) and tested at a maximum rate of 5,200 barrels of oil per day. Marte is located 21 kilometers (13 miles) northwest of the previously announced Saturno discovery, also on Block 31.

"Marte is the fourth discovery in which Marathon has participated on Blocks 31 and 32, and the third discovery on Block 31," said Philip Behrman, Marathon senior vice president of Worldwide Exploration. "Marathon supports the consensus of the Block 31 interest owners that a commercial development is very likely." The next Block 31 well is on the Venus prospect and is planned to spud by the end of the year.

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 EPA (Block 31) Ltd. (a member of the Total group) with 5 percent.

Marathon also holds a 30 percent interest in the adjacent Block 32 to the south where the Gindungo discovery was announced earlier this year. An additional Block 32 exploration well will spud in fourth quarter 2003 in the vicinity of the Gindungo discovery.

Marathon Oil Corporation is an energy company engaged in the worldwide exploration, production and transportation of crude oil and natural gas. Through its 62 percent ownership of Marathon Ashland Petroleum LLC, the company also refines, markets and transports petroleum products in the United States.

For more information see http://www.marathon.com.

Posted by Richard Price, Editor Pipeline Magazine

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