Maraton Oil Ethiopia Unit Will Acquire Assets for $40M

Marathon Oil Corporation

announced today that its subsidiary Marathon Ethiopia Limited B.V. has entered into a sale and purchase agreement with Agriterra Limited to acquire their 20 percent working interest in the South Omo concession in Ethiopia with an effective date of Aug. 17, 2012. The companies expect to close the transaction, subject to completion of the necessary Ethiopian government approvals, before the end of the year. Tullow Oil is the operator of the South Omo concession with a 50 percent working interest, and Africa Oil holds the remaining 30 percent working interest.  The concession has an area of approximately 7.2 million gross acres (29,465 gross square kilometers). An exploration well is anticipated to spud in South Omo in the fourth quarter of 2012.