Marathon Completes Third Appraisal Well on PL 203

Marathon Petroleum Norge A/S has completed drilling of appraisal well 25/4-8 offshore Norway. This is the last of three planned drilling activities in the area west of Heimdal in the second quarter of 2003.

The well was drilled to delimit a discovery made by Elf in rocks from the early Tertiary age in 1974, the 25/4-3 Gekko discovery. Drilling was carried out in the northern part of this discovery, about 12 km southwest of the Heimdal field. Water depth at the well location is 121 meters. The well was drilled to a total depth of 2263 meters below sea level.

The well proved a gas column of about 8 meters and an oil column of about 7 meters in sand from the Heimdal formation. Core samples and geophysical measurements show little thickness and poor quality of the reservoir in the well location, which is disappointing.

The results from the two wells that were drilled in the area earlier this year were, however, positive. Based on the overall results from the drilling campaign, it is expected that the licensees will work on presenting a plan for development of the reserves in the area in the course of this year or early next year.

The drilling activities for the 25/4-3 Gekko discovery were carried out by Deepsea Bergen. The well is expected to be finally plugged and abandoned on June 21st. The rig will then move to Production License 256 to drill the wildcat well 6406/1-2 with Norsk Agip as the operator.

Marathon Petroleum Norge A/S is the operator of production license 203 with a 65% interest; Norsk ConocoPhillips A/S holds a 20% stake and DNO holds the remaining 15%.