2009-10-28-2009-09-24

Exercised right of first refusal to acquire 20% stake in 5,090 sq. km. offshore Angola PSC Block 32.

Angola national oil company Sonangol plans to block the sale of a 20% interest in Angola's Block 32 held by Marathon Oil Corp., Houston, (NYSE: MRO) to Chinese E&Ps CNOOC Ltd., Hong Kong, (NYSE: CEO) and Sinopec (NYSE: SNP), a deal valued at $1.3 billion, and acquire the interests itself, according to a Reuters report. Sonangol currently owns a 20% stake in the block and said it will exercise its right of first refusal to acquire the interest at the same deal price. The assets are under Block 32, offshore Angola, with acreage of 5,090 square kilometers. The block features 12 oil discoveries and is about 150 kilometers offshore. The discoveries consist of 12 previously announced discoveries including Gindungo, Canela, Cola, Gengibre, Mostarda, Salsa, Caril, Manjericao, Louro, Cominhos, Colorau and Alho. Marathon plans to retain a 10% interests in the block. Block 32 is operated by Total SA, which owns 30%. Other owners include ExxonMobil Corp. through its subsidiary Esso Exploration and Production Angola with 15% and Galp with 5%.