HOUSTON, Oct. 30, 2013 (GLOBE NEWSWIRE) -- Marathon Oil Corporation (NYSE: MRO), through its wholly owned
subsidiary Marathon Oil KDV B.V., announced today the Mirawa-1
exploration well has discovered multiple stacked oil and natural
gas producing zones on the Company's operated Harir Block in the
Kurdistan Region of Iraq.
Located approximately 40 miles northeast of Erbil, the Mirawa-1
well was drilled to a total depth of approximately 14,000 feet. Oil
and natural gas shows were noted over an extensive gross interval
of both Jurassic and Triassic reservoirs from 5,800 feet to total
depth. An extensive drill-stem testing program was conducted. Flow
rates, which were equipment constrained, were established from
multiple zones in the Jurassic of high quality oil (39º - 45º API)
totaling in excess of 11,000 barrels per day (bpd). Additionally,
multiple non-associated gas zones in the Triassic flowed at rates
totaling approximately 72 million cubic feet per day (mmcfd),
together with associated condensate from one zone at a rate of
1,700 bpd.
"The Mirawa oil and natural gas discovery well found significant
resources in both the Jurassic and Triassic reservoirs. We look
forward to further appraising this discovery and drilling our next
Harir Block prospect, Jisik," said Marathon Oil president and CEO
Lee Tillman. "The success we and others have had in the Kurdistan
Region of Iraq, including this most recent discovery, demonstrates
the importance of this region as a potential major hydrocarbon
producer. As the first large U.S. publicly traded company to enter
in October 2010, Marathon Oil is pleased to have a strong presence
in the Kurdistan Region of Iraq."
The Mirawa-1 well will be suspended for potential future use as
a producing well. Following completion of current operations, the
drilling rig will be moved to the Jisik-1 prospect located nine
miles northwest of Mirawa-1. The Jisik-1 well will test a similar
prospective structure to Mirawa.
Marathon Oil is the operator with a 45 percent working interest
in the Harir block. Total holds a 35 percent working interest,
and the Kurdistan Regional Government holds a 20 percent carried
interest.
Marathon Oil Corporation is an international exploration and
production company. Based in Houston, Texas, the Company had net
proved reserves at the end of 2012 of 2 billion barrels of oil
equivalent in North America, Europe and Africa. For more
information, please visit our website at http://www.marathonoil.com.
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This release contains forward-looking statements with respect to
the Mirawa-1 exploration well and planned exploratory drilling on
the Jisik-1 prospect. Factors that could affect these
forward-looking statements include pricing, supply and demand for
liquid hydrocarbons and natural gas, the amount of capital
available for exploration and development, regulatory constraints,
timing of commencing production from new wells, drilling rig
availability, availability of materials and labor, the inability to
obtain or delay in obtaining necessary government or third-party
approvals and permits, 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. The foregoing factors (among others) could
cause actual results to differ materially from those set forth in
the forward-looking statements. 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, 2012, and 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.
CONTACT: Media Relations Contacts
Lee Warren: 713-296-4103
John Porretto: 713-296-4102
Investor Relations Contacts
Howard Thill: 713-296-4140
Chris Phillips: 713-296-3213
