HOUSTON, Dec. 16 /PRNewswire-FirstCall/ -- Marathon Oil Corporation
(NYSE: MRO), through its wholly-owned subsidiary Marathon E.G. Production
Limited, today announced a natural gas and condensate discovery on the Alba
Block (Sub Area B) offshore Equatorial Guinea.
The Gardenia discovery well is located approximately 11 miles southwest of
the Alba Field in 320 feet of water. The well was drilled to a total measured
depth of 15,175 feet and encountered 150 feet of net gas/condensate pay in the
Upper Isongo section, which is also productive in the Alba Field. A 60 foot
net pay interval was tested at a stabilized rate of 18.6 million cubic feet of
gas and 1,300 barrels of condensate per day on a 40/64" choke.
"The Gardenia discovery continues Marathon's evaluation of the additional
resource potential in the Alba field area," said Philip Behrman, Marathon
senior vice president of Worldwide Exploration. "A potential development
scenario includes production through the Alba field infrastructure and the
future liquefied natural gas facility on Bioko Island."
Marathon holds a 63 percent interest in Sub Area B and serves as operator.
Samedan of North Africa Inc., a subsidiary of Noble Energy, Inc. (NYSE: NBL),
owns 34 percent interest in the block and Compania Nacional de Petroleos de
Guinea Ecuatorial (GEPetrol), the national oil company of Equatorial Guinea,
holds the remaining 3 percent interest.
Marathon is an integrated 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 about Marathon, 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 and plans for additional
drilling. 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, construction and
completion of the LNG liquefaction plant, production experience and other
operating considerations, and acts of war or terrorist acts and the
governmental or military response thereto. 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, 2003, 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.
SOURCE Marathon Oil Corporation
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Related links:
http://www.marathon.com
CONTACT:
media, Paul Weeditz, +1-713-296-3910, or
Susan Richardson, +1-713-296-3915, or investor relations, Ken
Matheny, +1-713-296-4114, or Howard Thill, +1-713-296-4140, all
of Marathon Oil Corporation
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