Marathon Oil gas discovery

Marathon Oil Company announced today a significant natural gas discovery on its Ninilchik Prospect on the Kenai Peninsula, approximately 35 miles south of Kenai, Alaska. Marathon currently estimates 90 billion cubic feet (bcf) of gross proven recoverable gas reserves on the structure. Marathon expects further field development in anticipation of first gas sales in late 2003. A new gas transmission line, the Kenai Kachemak Pipeline (KKPL), plans to deliver the natural gas to existing Cook Inlet infrastructure for local market consumption throughout the South Central Alaska region, including the city of Anchorage. Design and permitting for KKPL, a venture between Marathon and Unocal Alaska, is currently in progress. Marathon’s Alaskan operations are based in Anchorage. It currently supplies more than 60 percent of the natural gas consumed by South Central Alaska utility markets.

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