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Marathon Oil nets Gabon deepwater Block G13 contract

11th August 2014

Marathon Oil Corporation, through its wholly owned subsidiary Marathon Oil Exploration Limited, has announced that it has signed an exploration and production sharing contract (EPSC) for Gabon offshore Block G13, which was named Tchicuate upon signing, located in the deepwater, pre-salt play

Marathon nets Gabon deepwater Block G13 contract
The Tchicuate Block encompasses 1,113 square kilometres with water depths ranging from approximately 990 to 2,515 metres

“We're pleased to finalise the EPSC on the newly named Tchicuate Block, which is located in the high-potential, pre-salt play offshore Gabon,” said Mitch Little, Marathon Oil vice president, International and Offshore Exploration and Production. “The addition of the Tchicuate Block aligns well with our strategic focus of capturing quality and material resource in proven and emerging oil provinces, and adds depth to the company's exploration portfolio, following our 2013 Diaman-1B discovery on the Diaba Block offshore Gabon.”

The Tchicuate Block encompasses 1,113 square kilometres with water depths ranging from approximately 990 to 2,515 metres.

It is located approximately 80 kilometres offshore the coast of Gabon and near proven shallow-water, pre-salt oil discoveries.

Marathon Oil holds a 100 per cent participating interest and operatorship in the block. In the event of development, the Republic of Gabon will assume a 20 per cent financed interest in the contract upon commencement of production. The state holds additional rights to participate in the block in the future as a co-investor.

Marathon Oil also holds a 21.25 per cent working interest in the non-operated Diaba License G4-223, encompassing 2.2 million gross acres, where the Diaman-1B discovery was made in 2013.

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