Marathon Announces Discovery in Deepwater Gulf of Mexico

abarrelfullabarrelfull wrote on 02 May 2014 11:19

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Oct. 14th 2008

Marathon Oil Corporation (NYSE: MRO) announced today that it has participated in a successful discovery well on the Freedom/Gunflint prospect, located on Mississippi Canyon Block 948, in the deepwater Gulf of Mexico.

The Freedom well is located approximately 160 miles southeast of New Orleans, La., and was drilled in about 6,100 feet of water, to a total depth of approximately 29,280 feet. The well encountered more than 550 feet of net hydrocarbon-bearing sands in the Middle and Lower Miocene reservoirs.

"We're encouraged by the results of the Freedom discovery well, which adds to Marathon's strong Gulf of Mexico portfolio," said Annell Bay, Marathon senior vice president for Worldwide Exploration.

Marathon currently has plans to participate in about three significant exploration wells a year through 2012, along with a number of development wells associated with its Droshky discovery which is expected to be sanctioned later this year. Marathon holds a 100 percent working interest in the Droshky discovery located on Green Canyon Block 244.

Marathon owns a 12.5 percent working interest in Mississippi Canyon Block 948. Noble Energy Inc. holds a 37.5 percent working interest in the well and will serve as operator for the block. BP Exploration & Production Inc. operated the exploration well with 25 percent working interest and Samson Offshore Company owns the remaining 25 percent working interest.

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