Gudrun Appraisal Well Improves Potential for a Commercial Development
HOUSTON, March 27 /PRNewswire-FirstCall/ -- Marathon Oil Corporation
(NYSE: MRO) announced today that its subsidiary, Marathon Petroleum Company
(Norway), has participated in a successful appraisal well offshore Norway on
the Gudrun prospect.
The Gudrun appraisal well is located approximately 190 kilometers (120
miles) off the coast of Norway in 109 meters (360 feet) of water. The well
was drilled to a total depth of approximately 4,180 meters (13,680 feet) and
successfully tested from two intervals. A lower zone was tested at a
restricted rate of 6,300 barrels of oil per day (bopd) and 18 million cubic
feet of gas per day (mmcfd), while an upper sand interval was tested at 4,000
bopd and 12 mmcfd.
"The results of the latest Gudrun appraisal well have significantly
improved the overall potential for a commercial development. Marathon looks
forward to working with our partners on additional subsurface studies and the
evaluation of potential development scenarios," said Philip Behrman,
Marathon's senior vice president of Worldwide Exploration.
To date, four exploration/appraisal wells have been drilled on the Gudrun
structure. The operator of Gudrun is Statoil which holds a 46.8 percent
interest in the prospect. Marathon holds a 28.2 percent interest, while BP
and Gaz de France each hold 12.5 percent interest.
Marathon is the fourth-largest U.S.-based fully integrated international
energy company engaged in exploration and production; integrated gas; and
refining, marketing and transportation operations. The company has principal
exploration and production activities in the United States, the United
Kingdom, Angola, Canada, Equatorial Guinea, Gabon, Ireland, Libya, Norway and
Russia. Marathon also is developing integrated gas projects that are linking
stranded natural gas resources with key demand areas where domestic production
is declining and demand is growing, particularly in North America. Marathon is
the fifth largest refiner in the U.S. The Company's retail marketing system
comprises approximately 5,500 locations in 17 states. For more information
about Marathon, please visit the Company's Web site at
http://www.marathon.com.
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, inability or delays in obtaining necessary
government or third-party approvals or permits, 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 geological, operating and economic
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,
2005, 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.
SOURCE Marathon Oil Corporation
 back to top
Related links:
http://www.marathon.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20051027/DATH029LOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Media: Paul Weeditz, +1-713-296-3910, or
Scott Scheffler, +1-713-296-4102, or Investors: Ken Matheny,
+1-713-296-4114, or Howard Thill, +1-713-296-4140, all of
Marathon Oil Corporation
|
