2011-04-13-2011-04-06-2011-04-06

Acquired 15% stake in Production Licenses PL505 and PL505BS and 10% share in Production License PL570 in exchange for funding Marathon North Sea well drilling.

Maersk Oil, a subsidiary of AP Moller-Maersk Group, Copenhagen, (Copenhagen: MAERSK) has acquired shares in three production licenses in Norway from Marathon Petroleum Norge A/S, a subsidiary of Marathon Oil Corp., (NYSE: MRO) in exchange for a financial contribution to the Earb South exploration well in the North Sea.

Maersk Oil will have a 15% share in Production Licenses PL505 and PL505BS where Marathon Petroleum Norge remains operator (35%) with partners Lundin Petroleum AB, Stockholm, (Stockholm: LUPE) which holds 30% and Leipzig, Germany-basedVerbundnetz Gas AG(VNG), with 20%.

Maersk Oil will also have a 10% share in Production License PL570, operated by VNG (40%) with Marathon Petroleum Norge holding 20% and Lundin holding 30%.

Marathon Petroleum Norge is currently drilling the well on the Earb South prospect in the South Viking Graben, which is expected to be completed in May.

Maersk Oil managing director, Norway, Morten Jeppesen says, "This is quality acreage which helps our goal of building a strong portfolio in this part of the North Sea. We believe Maersk Oil's experience in similar plays in both Norway and across the border in the U.K. could be extremely useful in appraising this acreage, which we believe has a significant potential."

Maersk Oil will now have a total of 10 production licenses, three operated, in Norway.