HOUSTON, Aug. 19, 2013 (GLOBE NEWSWIRE) -- Marathon Oil Corporation (NYSE: MRO) announced today that thepre-salt Diaman-1B exploration well offshore Gabon has encountered160-180 net feet (50-55 meters) of hydrocarbon pay in the deepwaterpre-salt play. Preliminary analysis suggests that the hydrocarbonsare natural gas with condensate content, pending results of ongoinganalyses of well data. The Diaman-1B well was drilled to atotal depth of 18,323 feet in approximately 5,673 feet of water inthe Diaba License G4-223. The Diaman-1B successfully confirms the existence of a workingpetroleum system and is the first discovery drilled in thedeepwater portion of the pre-salt play. Diaman-1B is located over60 miles away from the nearest other pre-salt commercialdiscovery. The operator and partners are currently evaluating the wellresults and incorporating them into an overall evaluation of theDiaman-1B discovery. The well will be temporarily abandoned pendingfurther analysis of the data. Marathon Oil holds a 21.25 percent non-operated working interestin the Diaba License. Partners include TOTAL Gabon as operator(42.5 percent working interest), Cobalt International Energy, L.P.(21.25 percent working interest), and Gabonese Republic (15 percentworking interest). Marathon Oil Corporation is an international exploration andproduction company. Based in Houston, Texas, the Company had netproved reserves at the end of 2012 of 2 billion barrels of oilequivalent in North America, Europe and Africa. For moreinformation, please visit our website at http://www.marathonoil.com. This release contains forward-looking statements related tothe possibility of a new resource base. These statements arebased on current expectations, estimates and projections and arenot guarantees of future performance. Actual results may differmaterially from these expectations, estimates and projections andare subject to certain risks, uncertainties and other factors, someof which are beyond the Company's control and difficult topredict. In accordance with the "safe harbor" provisions ofthe Private Securities Litigation Reform Act of 1995, Marathon OilCorporation has included in its Annual Report on Form 10-K for theyear ended December 31, 2012, and subsequent Forms 10-Q and 8-K,cautionary language identifying other important factors, though notnecessarily all such factors, that could cause future outcomes todiffer materially from those set forth in the forward-lookingstatements.
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