Marathon Oil Drills Discovery Well in GOM

Marathon Oil has drilled a discovery well on the Flying Dutchman prospect, located on Green Canyon Block 511, in the Gulf of Mexico.

The Flying Dutchman well is located approximately 100 miles south of New Orleans, La., and was drilled in about 3,700 feet of water, to a total depth of approximately 30,000 feet. The well encountered 100 feet of net hydrocarbon-bearing sands in an Upper Miocene reservoir.

The results of Flying Dutchman will be evaluated along with additional potential drilling on Green Canyon Block 511 to determine overall commerciality.

In the second quarter, the Company expects to expense approximately $45 million pretax related to a lower zone that was not successful.

Marathon holds a 63 percent working interest and is operator of Green Canyon Block 511, and is responsible for 100 percent of the Flying Dutchman drilling costs.