Eni Makes Deepwater Gulf of Mexico Oil Discovery

Eni has made a new oil discovery in Deepwater Gulf of Mexico, from the Allegheny South exploration well located 260 kilometers south of New Orleans in Green Canyon Block 298. Allegheny South was drilled to a total depth of 4,870 meters in 1,000 meters of water. The wel was drilled by Diamond Offshore semisub, Ocean Valiant.

Eni has a 100% Working Interest and is the Operator. The estimated new reserves discovered are 20 million of barrels of oil equivalent.

The positive well results and the proximity to the Allegheny field (Eni 100%) will make production start-up possible in 2005.

Eni's current production in the US Gulf of Mexico is 42,000 barrels of oil equivalent per day.

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