Marathon Oil (MRO -1.1%) says it will pay up to $50M to make its first move into Ethiopia, as an...

|About: Marathon Oil Corporation (MRO)|By:, SA News Editor

Marathon Oil (MRO -1.1%) says it will pay up to $50M to make its first move into Ethiopia, as an MRO subsidiary enters into a sale and purchase agreement with Agriterra Ltd. to purchase a 20% working interest in the South Omo concession. Tullow Oil is the operator with a 50% working interest, and Africa Oil holds the remaining 30%.