Leading integrated oil and gas firm,
Marathon Oil Corp.
), announced the discovery of the first-ever exploratory well in
the deepwater regions of the pre-salt play, offshore Gabon.
The Diaman-1B well, located over 60 miles away from the nearest
pre-salt discovery, was drilled at a depth of 18,323 feet in
approximately 5,673 feet of water.
The well discovery results reflected 160-180 net feet of
hydrocarbons in the deepwater pre-salt play. Preliminary analysis
revealed that the hydrocarbons found could be natural gas with
condensate content. The discovery confirms that a working
petroleum system exists.
The operator of the prospect - French oil major
) - and partners - Marathon Oil,
Cobalt International Energy Inc.
) and Gabonese Republic - are evaluating the well data and will
incorporate the results in understanding the full scope of the
Diaman-1B discovery. Pending further data evaluation, the well
will be temporarily closed.
Marathon Oil, the Houston Texas-based energy exploration and
production (E&P) firm, holds 21.25% non-operated working
interest in the Diaba License G4-223.
Marathon Oil's business activity is divided into three segments,
North American E&P, International E&P and Oil Sands
Mining. The company's strong inventory of development projects,
recently concluded acquisitions of sizeable acreage and sound
financial health make us confidant of the company's growth.
However, its international exposure and oil and gas price
volatility may dampen the prospects.
Marathon Oil currently holds a Zacks Rank #3 (Hold), implying
that it is expected to perform in line with the broader U.S.
equity market over the next one to three months.
COBALT INTL EGY (CIE): Free Stock Analysis
MAGELLAN MDSTRM (MMP): Free Stock Analysis
MARATHON OIL CP (MRO): Free Stock Analysis
TOTAL FINA SA (TOT): Free Stock Analysis
To read this article on Zacks.com click here.
Meanwhile, one can consider other stocks in energy sector such as
Magellan Midstream Partners LP
) which currently holds a Zacks Rank #1 (Strong Buy)