Marathon confirms interest in gas wells in European waters

Aug 18, 1999 02:00 AM

Marathon Oil Company has confirmed its interest in a successful natural gas appraisal well, and separately, in a natural gas discovery, both in European waters.
A successful appraisal well was drilled in the Corrib field, in 1,145 feet of water, located 44 miles off the west coast of Ireland and is operated by Enterprise Oil. Well 18/25-1, is the second successful appraisal well drilled in licenses PL 2/93 and 3/94, which encompass the Corrib field discovery.
The well achieved test rates up to 64 mm standard cfpd of gas with a flowing wellhead pressure of 1,653 psi. Initial indications suggest the Corrib gas is high quality, dry and free of contaminates. The Corrib discovery was made in 1996, with a successful test on well 18/20-2z in 1998, which tested at a rate of 63 mm cfpd of gas. Development planning is now expected to commence.
In June 1999, Marathon International Petroleum Hibernia Limited, a wholly owned subsidiary of Marathon Oil Company, acquired an 18.5 % interest in the PL 2/93 and 3/94 licenses. Enterprise Oil plc is the operator with a 45 % interest. Saga Petroleum Ireland Limited and Statoil Exploration (Ireland) Limited have 21.5 % and 15 % interests, respectfully.

In a separate development, a discovery well (Q4-9) was drilled in 80 feet of water in the Dutch sector of the North Sea, and is the result of a co-venture project led by a subsidiary of Gulf Canada Resources Limited. Well Q4-9 is the second successful discovery well drilled by the partners on the Q4 Block, and tested at 26 and 28 mm cfpd of gas in two separate zones in the Triassic section.
Marathon's equity in the block is through a 33 % interest held by Clam Petroleum B.V. (a 50/50 joint venture between Marathon Petroleum Netherlands, Ltd. and LL&E Netherlands Inc., which is a wholly owned subsidiary of Burlington Resources, Inc.).
Gulf Canada is the operator of the Q4 block and through its subsidiary, Clyde Petroleum Exploratie B.V., holds a 49.75 % interest. Additionally, Dyas B.V. has a 17.25 % interest in the block, and the Netherlands government has a right to acquire a 40 % interest through Energie Beheer Nederland B.V. under standard "back-in" provisions.

Marathon Oil Company is a part of the USX-Marathon Group,, a unit of USX Corporation, Pittsburgh, Pa.

Source: Marathon Oil Company
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