Africa and its Issues- Why Have We Ignored Africa? Message Board

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Strategies & Market Trends : Africa and its Issues- Why Have We Ignored Africa?

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From: Lynn	4/23/2008 11:28:47 AM
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04/22 13:36 *DJ Marathon: Sold Stake In S Sudan Oil Block To Total In March ROME (Dow Jones)--U.S.-based Marathon Oil Corp. (MRO) said Tuesday it has finally exited its stake in a southern Sudanese block and sold it to France's Total SA (TOT), a move that could herald the resumption of exploration in one of the African country's largest oil reserves. "Marathon sold its interest to Total effective March 31," a spokesman for Marathon said in an email late Tuesday. Marathon didn't provide any value for the transaction. A Total spokesman couldn't immediately comment. Marathon was unable to keep its 32.5% stake in the 118,000-square-kilometer Block B because Sudan is under U.S. sanctions. The country holds one of Africa's largest proved oil reserves at 6.4 billion barrels. The divestment of the Marathon stake is one of the conditions set by Total in order for it to reenter the block, which it had to abandon following a civil war in southern Sudan. -By Benoit Faucon, Dow Jones Newswires; +44-20-7842-9266; benoit.faucon@ dowjones.com

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