Marathon Block 32 Sale Complete

The sale of Marathon Oil’s 20% stake in Angola Block 32 to Sonangol EP is now complete. Under the previously announced terms the transaction has an effective date of January 1, 2009. Marathon will retain a 10% working interest in Block 32.

Block 32 is home to more than 10 discoveries including the Gindungo, Canela, and Alho. Conceptual development studies are under way in order to establish the feasibility of a first development area in the central southeastern part of Block 32.

The deal between the two was officially announced in December 2008 following Sonangol preempting a deal between the US independent and two Chinese firms, CNOOC and Sinopec.

“Through this sale, Marathon has been able to capture exploration value and bring better balance to our overall portfolio by redeploying capital into other growth regions for the Company. At the same time, maintaining a 10% interest in both Blocks 31 and 32 provides Marathon with exposure to this important resource base,” said Dave Roberts, Marathon executive vice president, Upstream.