LeBoeuf Represents the Republic of Equatorial Guinea and GEPetrol on LNG Agreement.

Business Editors

LONDON--(BUSINESS WIRE)--May 28, 2003

The international law firm of LeBoeuf, Lamb, Greene & MacRae, L.L.P., announced today the signature of an agreement between Marathon Oil, GEPetrol (the national oil company of Equatorial Guinea) and the Republic of Equatorial Guinea, granting Marathon and GEPetrol the right to build and operate a LNG project in the Republic.

Earlier this month, Marathon Offshore Alpha Limited, a wholly-owned subsidiary of Marathon Oil Corporation, and BG Gas Marketing, Ltd. (BGML), a subsidiary of BG Group, plc, announced that the companies had signed a letter of understanding (LOU) under which BGML would purchase the long-term liquefied natural gas (LNG) supply, from the proposed LNG project. Under the terms of the LOU, BGML would purchase 3.4 million metric tons per year of LNG for a period of 17 years beginning in 2007, when the project is expected to begin operations.

Representing the Republic of Equatorial Guinea and GEPetrol in the development of this LNG project, LeBoeuf, Lamb, Greene & MacRae, L.L.P. has represented major LNG clients for more than 20 years. LeBoeuf lawyers have experience in virtually all aspects of LNG project development, financing, construction, regulation, shipping and operational matters.

Bruce Johnston, the partner leading the LeBoeuf team, said "The government agreement, together with the LOU with BG, are fundamental steps towards the development of the LNG project in Equatorial Guinea. With these agreements in place, the remaining elements of the project should be implemented quickly."

"LeBoeuf's depth of experience working on LNG projects and its long history of energy and other work in Africa made LeBoeuf a natural choice to assist Equatorial Guinea in this matter," said Derek Smith, an associate in the Firm's Washington, D.C. office who played a key role in the transaction.

LeBoeuf recently received the award for U.S. Energy Law Firm of the Year at the 2003 Chambers Global Awards, recognising the Firm's position as a leading provider of legal services to the energy industry.

LeBoeuf, Lamb, Greene & MacRae, L.L.P. has more than 650 lawyers practicing in 14 U.S. offices and in 10 overseas. Well known as one of the preeminent legal services providers to the insurance/financial services and energy and utilities industries, the Firm has built upon these strengths to gain prominence in corporate, information technology/intellectual property, international, taxation, environmental, real estate, bankruptcy, and litigation practices.