The 4,707.63 sq. km. block (approximate 1.2 million acres) is located predominantly offshore the island of Sulawesi in the Makassar Strait, directly east of the prolific Kutei Basin oil and gas production region. Water depth of the block ranges from 100 meters (328 feet) to just over 2,000 meters (6,562 feet).
Marathon expects to enter into a Production Sharing Contract with the Indonesian Government by the end of 2006. Current exploration plans call for acquisition of 3-D seismic, followed by initial drilling.
"Marathon is pleased to be awarded the Pasangkayu Block and we are looking forward to our return to Indonesia," said Philip G. Behrman, Marathon senior vice president of Worldwide Exploration. "This block was highly contested and has some very attractive prospects that could hold significant resource potential. We are looking forward to working with our partner Talisman and BPMIGAS, the Indonesian regulatory agency, to initiate exploration activities."
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