HOUSTON, Oct. 21 /PRNewswire-FirstCall/ -- Marathon Oil Corporation
(NYSE: MRO) today announced that its subsidiary, Marathon Indonesia New
Ventures Limited, has been awarded a 49 percent interest and operatorship
in the Bone Bay Block offshore Indonesia.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051027/DATH029LOGO )
The Bone Bay Block is approximately 1.23 million acres (or equivalent
to 213 Gulf of Mexico lease blocks) and is located predominantly offshore
southern Sulawesi Island, in the Bone Bay region. It is a high potential,
under-explored area with water depths ranging between 165 to 6,500 feet.
"Marathon is pleased to be awarded the Bone Bay block and we are
looking forward to commencing exploration activities in 2009," said Annell
R. Bay, Marathon senior vice president of Worldwide Exploration. "Marathon
is committed to a strong exploration program in Indonesia and this block is
part of a continued effort to grow our portfolio of large-scale,
high-potential blocks in the country."
Marathon expects to enter into a Production Sharing Contract (PSC) with
the Indonesian Government before the end of 2008. Current exploration plans
call for the acquisition of 2D seismic starting in 2009, followed by
drilling in 2011. Kaizan Oil and Gas LLC, a subsidiary of Black Gold Energy
LLC, was awarded the remaining 51 percent interest in the Bone Bay Block.
The Bone Bay Block is about 200 miles southeast of Marathon's
Pasangkayu Block, which was awarded in 2006. Marathon subsidiary Marathon
International Petroleum Indonesia Limited holds a 70 percent interest and
operatorship in the PSC for the Pasangkayu Block, a 1.2 million acre block
located predominantly offshore the island of Sulawesi in the Makassar
Strait, directly east of the prolific Kutei Basin oil and gas production
region. Water depth of the block ranges up to 7,200 feet.
At Pasangkayu, Marathon and partner Talisman (Pasangkayu) Ltd. (30
percent) have a work commitment of four wells. The Company completed 3D
seismic acquisition in 2008, and led a consortium of six companies to
secure a two-year rig contract for drilling in Indonesia. Transocean's
ultra-deepwater drillship Global Santa Fe Explorer will commence operations
in Indonesia in 2010. The consortium has the option to extend this rig
contract as needed.
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 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.
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
SOURCE Marathon Oil Corporation
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Related links:
http://www.marathon.com
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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, all of
Marathon Oil Corporation
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