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HOUSTON, Dec. 13, 2010 - Marathon
Oil Corporation (NYSE: MRO) announced today the results of the deepwater
Bravo-1 well drilled in the northeastern portion of the Pasangkayu
production sharing contract (PSC) area offshore the island of Sulawesi in the
Makassar Strait, Indonesia. Marathon, through its wholly owned subsidiary
Marathon International Petroleum Indonesia, is operator and holds a 70
percent working interest in the Bravo-1 well.
The well was drilled in a water
depth of approximately 3,200 feet and reached a total depth of 9,000 feet.
Gas shows were recorded during drilling of the objective reservoir interval;
however, the analysis of log and pressure data indicates the reservoir to be
water-wet. Both the thickness and quality of the reservoir encountered are
encouraging and the well results confirm the pre-drill geologic model
predictions.
"Bravo was a challenging,
frontier exploration well," said Annell Bay,
Marathon senior vice president of Worldwide Exploration. "Marathon
continues to evaluate the data and will integrate the results into evaluation
of the remaining potential of the block."
The Company intends to record a
dry hole expense of approximately $60 million for the Bravo-1 well in the
fourth quarter of 2010.
The Romeo prospect, located on the
north-central portion of the Pasangkayu block in a
water depth of 6,200, is expected to be drilled during the first half of
2011.
Marathon holds
approximately 1.8 million net acres (3.3 million acres gross) across the
Pasangkayu, Bone Bay and Kumawa
blocks in Indonesia.
Marathon is an integrated
international energy company engaged in exploration and production; oil sands
mining; integrated gas; and refining, marketing and transportation
operations. Marathon, which is based in Houston, has principal operations in
the United States, Angola, Canada, Equatorial Guinea, Indonesia, Iraqi
Kurdistan Region, Libya, Norway, Poland 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, please visit our
website at http://www.marathon.com.
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This news release contains
forward-looking statements concerning anticipated future drilling activity.
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 crude oil, natural gas and petroleum products, the 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, acts of war or terrorist acts
and the governmental or military response thereto, and other geological,
operating and economic considerations. In accordance with the "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, 2009, and in 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
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