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Marathon Oil announces oil, gas discovery in Iraq’s Kurdistan Region

HOUSTON (Photo courtesy of Sebastian Meyer) -- Marathon Oil Corporation, through its wholly-owned subsidiary Marathon Oil KDV B.V., has announced that its Mirawa-1 exploration well has discovered multiple stacked oil and natural gas producing zones on the Harir block in the Kurdistan Region of Iraq.
 
Located approximately 40 mi northeast of Erbil, the Mirawa-1 well was drilled to a total depth of approximately 14,000 ft. Oil and natural gas shows were noted over an extensive gross interval of both Jurassic and Triassic reservoirs from 5,800 ft 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 bpd. Additionally, multiple non-associated gas zones in the Triassic flowed at rates totaling approximately 72 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 U.S. 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 mi northwest of Mirawa-1. The Jisik-1 well will test a similar prospective structure to Mirawa.

Marathon Oil is the operator with a 45 percent working interest in the Harir block. Total holds a 35 percent working interest, and the Kurdistan Regional Government holds a 20 percent carried interest.

10/30/2013

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