Marathon Oil an­nounces Mi­rawa dis­cov­ery in the Kur­dis­tan Re­gion

The Kurdish Globe - - FRONT PAGE - GLOBE NEWSWIRE

Marathon Oil Cor­po­ra­tion (NYSE: MRO), through its wholly-owned sub­sidiary Marathon Oil KDV B.V., an­nounced to­day that the Mi­rawa-1 ex­plo­ration well has dis­cov­ered mul­ti­ple stacked oil and nat­u­ral gas pro­duc­ing zones on the Harir Block op­er­ated by the Com­pany in the Kur­dis­tan Re­gion of Iraq.

Lo­cated ap­prox­i­mately 40 miles north­east of Er­bil, the Mi­rawa-1 well was drilled to a to­tal depth of ap­prox­i­mately 14,000 feet. Oil and nat­u­ral gas shows were noted over an ex­ten­sive gross in­ter­val of both Juras­sic and Tri­as­sic reser­voirs from 5,800 feet to to­tal depth. An ex­ten­sive drill-stem test­ing pro­gram was con­ducted. Flow rates, which were equip­ment con­strained, were es­tab­lished from mul­ti­ple zones in the Juras­sic of high qual­ity oil (39 - 45 API) to­tal­ing in ex­cess of 11,000 bar­rels per day (bpd). Ad­di­tion- ally, mul­ti­ple non-as­so­ci­ated gas zones in the Tri­as­sic flowed at rates to­tal­ing ap­prox­i­mately 72 mil­lion cu­bic feet per day (mm­cfd), to­gether with as­so­ci­ated con­den­sate from one zone at a rate of 1,700 bpd.

"The Mi­rawa oil and nat­u­ral gas dis­cov­ery well found sig­nif­i­cant re­sources in both the Juras­sic and Tri­as­sic reser­voirs. We look for­ward to fur­ther ap­prais­ing this dis­cov­ery and drilling our next Harir Block prospect—Jisik," said Marathon Oil pres­i­dent and CEO Lee Till­man. "The suc­cess we and oth­ers have had in the Kur­dis­tan Re­gion of Iraq, in­clud­ing this most re­cent dis­cov­ery, demon­strates the im­por­tance of this re­gion as a po­ten­tial ma­jor hy­dro­car­bon pro­ducer. As the first large US pub­licly traded com­pany to en­ter in Oc­to­ber 2010, Marathon Oil is pleased to have a strong pres­ence in the Kur­dis­tan Re­gion of Iraq."

The Mi­rawa-1 well will be sus­pended for po­ten­tial fu­ture use as a pro­duc­ing well. Fol­low­ing com­ple­tion of cur­rent op­er­a­tions, the drilling rig will be moved to the Jisik-1 prospect lo­cated nine miles north­west of Mi­rawa-1. The Jisik-1 well will test a sim­i­lar prospec­tive struc­ture to Mi­rawa.

Marathon Oil has a 45 % work­ing in­ter­est in the Harir block. To­tal holds a 35 % work­ing in­ter­est, and the Kur­dis­tan Re­gional Gov­ern­ment holds a 20 % car­ried in­ter­est.

Marathon Oil Cor­po­ra­tion is an in­ter­na­tional ex­plo­ration and pro­duc­tion com­pany. Based in Houston, Texas, the Com­pany had net proved re­serves at the end of 2012 of 2 bil­lion bar­rels of oil equiv­a­lent in North Amer­ica, Europe and Africa.

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