Marathon returns to Gabon with farm-out

Return: Marathon buys into Gabon offshore licence

AP/Scanpix

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Luke Johnson

 22 June 2012 17:58 GMT

Marathon Oil said it will take on a 21.25% working interest in the pre-salt Diaba License G4-223 off Gabon in a deal that will mark the US independent's return to the West African nation.

Marathon said its Gabon subsidiary acquired the deep-water stake from Total Gabon, which operates the block. Financial terms were not disclosed.

Processing of seismic surveys was completed last year and exploration drilling is expected to begin in the first quarter of 2013.

The farm-out deal includes a 25% paying interest and has an effective date of last 15 June. It is expected to close in the third quarter of this year, pending approval from the blocks partners and the Gabonese government. 

Marathon sold all of its Gabonese assets to Paris-based…

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