UPDATE 1-Murphy buys Kurdish Iraq acreage, follows Marathon

* Murphy buys 50 pct interest in Central Dohuk block

* Rival Marathon entered Kurdistan late last month

SAN FRANCISCO, Nov 4 (BestGrowthStock) – Murphy Oil Corp (MUR.N: ) is
buying acreage in Iraq’s Kurdistan, the U.S. company said on
Thursday, two weeks after rival Marathon Oil Corp (MRO.N: )
announced it was entering the region.

The company plans an exploration well in 2012, Murphy Chief
Executive David Wood said in a a statement.

Murphy finalized an agreement with the Kurdistan Regional
Government-Iraq for 50 percent of the Central Dohuk block, an
area covering 619 square kilometers (240 sq miles), where Wood
said recent exploration drilling had shown much promise.

Shares of El Dorado, Arkansas-based Murphy were up 2.4
percent at $67.26 in late trading on Thursday, lifted along
with the sector by a rise in crude oil prices.

Marathon said on Oct. 20 it had taken a stake in four
exploration blocks in Kurdistan. [ID:nN20201549]
(Reporting by Braden Reddall; editing by Carol Bishopric)

UPDATE 1-Murphy buys Kurdish Iraq acreage, follows Marathon