Globex

Marathon Oil Corp. has completed the recently announced acquisition of Globex Energy Inc. The company said the acquisition strengthens its exploration and production asset base, primarily in Equatorial Guinea, with the addition of 38 million Boe in proven reserves. An additional 12 million Boe of proven Equatorial Guinea reserves will be booked upon the anticipated approval of an Equatorial Guinea expansion project later this year. Following the expected approval of the expansion project, Marathon said it expects that its Equatorial Guinea net proven reserves will total 300 million Boe. The full-cycle finding and development cost of these reserves, including the liquefied petroleum gas (LPG) processing plant and its associated expansion, is estimated to be $4.20/Boe.