Marathon Oil has signed an exploration and production sharing contract (EPSC) for Block G13, located in the deepwater, pre-salt play offshore Gabon, Central Africa.

Block G13 has been named Tchicuate following the contract signing. It features 275,000 acres and is located in water depths of 3,250ft to 8,250ft.

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The agreement is the result of the licence bid that took place in October 2013, in which the company emerged as the highest bidder for the block.

Marathon Oil international and offshore exploration and production vice-president Mitch Little said: "We’re pleased to finalise the EPSC on the newly named Tchicuate Block, which is located in the high-potential, pre-salt play offshore Gabon.

"The addition of the Tchicuate Block aligns well with our strategic focus of capturing quality and material resource in proven and emerging oil provinces."

"The addition of the Tchicuate Block aligns well with our strategic focus of capturing quality and material resource in proven and emerging oil provinces, and adds depth to the company’s exploration portfolio, following our 2013 Diaman-1B discovery on the Diaba Block offshore Gabon."

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Marathon Oil has secured the entire participating interest in the block and will also act as the operator.

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If the project reaches the development stage, the Republic of Gabon will hold 20% interest in the contract when production begins.

The state also holds additional rights to participate in the block as a co-investor in the future.

Marathon Oil also holds a 21.25% working interest in the non-operated Diaba Licence G4-223, also located offshore Gabon.

The G4-223 licence comprises 2.2 million gross acres and is located in the Diaba Block where the Diaman-1B discovery was made in 2013.

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