The Gindungo-1 well was drilled in a water depth of 4,739 feet and successively tested at rates of 7,400 and 5,700 barrels of light oil per day from two separate zones. This discovery is located in the eastern portion of Block 32, about 40 miles from the Girassol Field (Block 17).
"We are very encouraged by the initial testing of the Gindungo discovery and Marathon will be working with our partners to conduct additional appraisal work to determine its full potential," said Philip Behrman, Marathon senior vice president of Worldwide Exploration. "Gindungo builds upon our success last year with the Plutao discovery on Block 31 and reinforces the possibility of a significant new resource base in this area."
Current plans call for one additional exploration or appraisal well in 2003 on Block 32. The concessionaire of Block 32 is Sonangol, Angola's state-owned oil company. Marathon has a 30-percent interest in Block 32, along with the operator Total with 30 percent, Sonangol with 20 percent, Esso Exploration (Block32) Ltd. with 15 percent and Petrogal with 5 percent.
In other deepwater activity offshore Angola, Marathon is currently participating in a well on the Saturno Prospect on Block 31. This well is near the Plutao discovery and reached total depth in April. One additional exploration well is planned for Block 31, which should spud during the third quarter of 2003. Marathon has a 10-percent working interest in Block 31.
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