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Agreement to Sell Partial Interest in Equatorial Guinea Liquefied Natural Gas Project

Source: www.gulfoilandgas.com 6/8/2005, Location: Africa

Marathon Oil Corporation and the Government of Equatorial Guinea announced that agreements have been entered into under which Mitsui & Co., Ltd. (Mitsui) and a subsidiary of Marubeni Corporation (Marubeni) will acquire an 8.5 percent and 6.5 percent interest, respectively, in the Equatorial Guinea Liquefied Natural Gas (LNG) project. Following the anticipated closing of the transaction in the third quarter, Marathon will hold a 60 percent interest in the project, with Compania Nacional de Petroleos de Guinea Ecuatorial (GEPetrol), the National Oil Company of Equatorial Guinea, holding a 25 percent interest and Mitsui and Marubeni holding 8.5 percent and 6.5 percent interest, respectively. The value of the transaction was not disclosed.

GEPetrol is selling a thirteen percent interest in the project that it is obtaining from Marathon by exercise of a purchase right as a shareholder in the LNG project company. Under the terms of this purchase by GEPetrol, Marathon will be reimbursed for its actual costs incurred up to the date of closing, plus an additional specified rate of return.

In addition, Marathon is selling a two percent interest in the project to Mitsui for actual costs incurred up to the date of closing, plus a specified rate of return, as well as a premium and future consideration based upon the performance of the LNG project.

Construction progress on the Equatorial Guinea LNG project continues according to plan, with the project earning the distinction of being the fastest LNG project from initial concept to final investment decision. The project also is expected to be one of the lowest cost LNG operations in the Atlantic basin with an all-in LNG operating, capital and feedstock cost of approximately $1 per million British thermal units (mmbtu) at the loading flange of the LNG plant.

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