|Thursday, August 12, 1999
Marathon Oil Company reports a gas discovery on its Camden Hills prospect, which is located in the Gulf of Mexico on Mississippi Canyon Block 348. The Mississippi Canyon Block 348 #1 Well was drilled to a depth of 15,080 feet and encountered over 200 feet of gas pay. The well was drilled by Diamond Offshore’s semisubmersible rig, Ocean Clipper. Marathon is the operator and has a 50.03% working interest in this block along with WI, Inc. with a 33.3% working interest and TOTAL Exploration Production USA, Inc. with a 16.67% working interest. Marathon acquired this lease at OCS Sale 169, in 1998, and is located in 7200 feet of water about 140 miles southeast of New Orleans, Louisiana. Further appraisal drilling is planned later this year to evaluate the full extent of this discovery. The Camden Hills Well, along with other discoveries in the area, further enhances the economic viability of this portion of the deepwater Gulf of Mexico.