Noble Energy, Marathon take the plunge in deepwater Gabon

HOUSTON -- Noble Energy and Marathon have announced the signing of PSCs to explore in deep waters offshore Gabon.

Noble Energy has signed a PSC with the Government of Gabon covering Block F15 in the Gabon Coastal Basin. Under the terms of the PSC, Noble Energy will be the operator with a 60% working interest. Noble Energy' s partner on Block F15 is Woodside Petroleum, who will have the remaining 40% working interest.

Block F15 is located approximately 140 km ofg the coast of Gabon and covers over 2,700 sq km. Water depths range from 2,300 to 3,000 m. The PSC includes a 4-year seismic commitment and a future option for exploration drilling. The execution of the PSC represents Noble Energy' s initial entry into Gabon and meaningfully expands the Company' s exploration portfolio.

Susan M. Cunningham, Senior Vice President, Gulf of Mexico, West Africa, and Frontier, said, "The Gabon PSC adds a large and exciting exploration opportunity to Noble Energy' s diversified global portfolio. We look forward to working with the Government of Gabon and our partner on this project, which has the potential to contribute significantly to the economy of Gabon, as well as to the local communities. Several substantial subsalt leads have already been identified on the acreage, and we expect the prospectivity of the block will be enhanced as the work program progresses."

Marathon Oil , through its wholly owned subsidiary Marathon Oil Exploration Limited, has signed an EPSC for Gabon offshore Block G13, which was named Tchicuate upon signing, located in the deepwater, pre-salt play. The company was the high-bidder on the block in Gabon' s licensing round in October 2013.

"We' re pleased to finalize the EPSC on the newly named Tchicuate Block, which is located in the high-potential, pre-salt play offshore Gabon," said Mitch Little, Marathon Oil vice president, International and Offshore Exploration and Production. "The addition of the Tchicuate Block aligns well with our strategic focus of capturing quality and material resource in proven and emerging oil provinces, and adds depth to the company' s exploration portfolio, following our 2013 Diaman-1B discovery on the Diaba Block offshore Gabon."

The Tchicuate Block encompasses 275,000 acres with water depths ranging from approximately 3,250 to 8,250 ft. It is located approximately 50 mi offshore the coast of Gabon and near proven shallow-water, pre-salt oil discoveries. Marathon Oil holds a 100% participating interest and operatorship in the block. In the event of development, the Republic of Gabon will assume a 20% financed interest in the contract upon commencement of production. The State holds additional rights to participate in the block in the future as a co-investor.

Marathon Oil also holds a 21.25% working interest in the non-operated Diaba License G4-223, encompassing 2.2 million gross acres, where the Diaman-1B discovery was made in 2013.