Marathon Oil Corporation (NYSE: MRO) announced today the results of the deepwater Bravo-1 well drilled in the northeastern portion of the Pasangkayu production sharing contract (PSC) area offshore the island of Sulawesi in the Makassar Strait, Indonesia. Marathon, through its wholly owned subsidiary Marathon International Petroleum Indonesia, is operator and holds a 70 percent working interest in the Bravo-1 well.
The well was drilled in a water depth of approximately 3,200 feet and reached a total depth of 9,000 feet. Gas shows were recorded during drilling of the objective reservoir interval; however, the analysis of log and pressure data indicates the reservoir to be water-wet. Both the thickness and quality of the reservoir encountered are encouraging and the well results confirm the pre-drill geologic model predictions.
“Bravo was a challenging, frontier exploration well,” said Annell Bay, Marathon senior vice president of Worldwide Exploration. “Marathon continues to evaluate the data and will integrate the results into evaluation of the remaining potential of the block.”
The Company intends to record a dry hole expense of approximately $60 million for the Bravo-1 well in the fourth quarter of 2010.
The Romeo prospect, located on the north-central portion of the Pasangkayu block in a water depth of 6,200, is expected to be drilled during the first half of 2011.
Marathon holds approximately 1.8 million net acres (3.3 million acres gross) across the Pasangkayu, Bone Bay and Kumawa blocks in Indonesia.
Marathon is an integrated international energy company engaged in exploration and production; oil sands mining; integrated gas; and refining, marketing and transportation operations. Marathon, which is based in Houston, has principal operations in the United States, Angola, Canada, Equatorial Guinea, Indonesia, Iraqi Kurdistan Region, Libya, Norway, Poland and the United Kingdom. Marathon is the fourth largest United States-based integrated oil company and the nation’s fifth largest refiner. For more information, please visit our website at http://www.marathon.com.