HOUSTON, Oct. 15 /PRNewswire-FirstCall/ -- Marathon Oil Corporation
(NYSE: MRO) announced today that its subsidiary, Marathon International
Petroleum Angola Block 31 Limited, has participated in the Dione discovery
well in the southern area of Block 31 offshore Angola. Dione is Marathon's
28th discovery on Angola Blocks 31 and 32.
The Dione discovery well is located approximately 240 miles off the
Angolan coast, and is about 5 miles southwest of the Juno-1 discovery well
announced in July 2005.
The well was drilled in about 5,500 feet of water, to a total depth of
more than 10,700 feet. Oil-bearing reservoirs were encountered in the
Oligocene section. The well test results confirmed the capacity of the
reservoir to flow in excess of 5,000 barrels per day under production
conditions.
The concessionaire of Block 31 is Sonangol, Angola's state-owned oil
company. Marathon holds a 10 percent interest in Block 31. The operator is
BP Exploration (Angola) Limited with 26.67 percent. The other interest
owners are Esso Exploration and Production Angola (Block 31) Limited with
25 percent, Sonangol P&P with 20 percent, Statoil Angola A.S. (a subsidiary
of StatoilHydro ASA) with 13.33 percent, and TEPA (BLOCK 31) LIMITED, a
subsidiary of the Total Group with 5 percent.
Marathon is an integrated international energy company engaged in
exploration and production; oil sands mining; integrated gas; and refining,
marketing and transportation operations. Marathon has principal operations
in the United States, Angola, Canada, Equatorial Guinea, Gabon, Indonesia,
Ireland, Libya, Norway and the United Kingdom. Marathon is the fourth
largest United States-based integrated oil company and the nation's fifth
largest refiner. For more information, 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, 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, 2007, and subsequent Forms 10-Q and
8-K, cautionary language identifying other 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.
Media Relations Contacts: Lee Warren 713-296-4103
Paul Weeditz 713-296-3910
Investor Relations Contacts: Howard Thill 713-296-4140
Chris Phillips 713-296-3213
Michol Ecklund 713-296-3919
SOURCE Marathon Oil Corporation
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Related links:
http://www.marathon.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20051027/DATH029LOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Media, Lee Warren, +1-713-296-4103, or Paul
Weeditz, +1-713-296-3910, or Investors, Howard Thill,
+1-713-296-4140, or Chris Phillips, +1-713-296-3213, or Michol
Ecklund, +1-713-296-3919, all of Marathon Oil Corporation
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