OMV & Partners Awarded License Offshore Ireland

OMV is expanding its activities in the Atlantic Margin, one of its international core regions. OMV (IRELAND) Exploration GmbH, a wholly owned subsidiary of OMV, has been awarded a new exploration license, located off the north west coast of Ireland, by the Department of Communications, Marine and Natural Resources.

The new license 2/05 is located in the deepwater area (2000m water depth) of the Irish Rockall Trough, approximately 150 km off the coast of Donegal and covers four blocks in an area of 932 kmē. OMV has a 10% interest, together with joint venture partners, Shell E&P Ireland Limited (operator) and Eni Ireland BV. The new license is adjacent to License 2/94 which is held by the same joint venture, and contains the 2002 Dooish discovery, which is currently under evaluation.

An active exploration program will be pursued over the coming years and preparations to commence a 3D seismic survey early in the 2006 season will begin shortly.

Helmut Langanger, OMV Executive Board member responsible for Exploration and Production stated: "We are delighted with this award. It further increases our position in Ireland and along the Atlantic Margin, providing a significant opportunity for future growth."

Balanced international E&P portfolio

OMV owns a balanced international E&P portfolio in 18 countries organized around five core regions, namely the Danube and Adriatic, Northern Africa, the British North Sea, the Middle East/Caspian and Australia/New Zealand. Following the acquisition of 51% of Petrom S.A., Romania's largest oil company, OMV's daily production volume is approximately 345,000 boe/d, and the company's reserves amount to approximately 1.4 bn boe as of December 2004.

Partners in License 2/05 (same as license 2/94) are Shell as operator with 50%; ENI Ireland with 40% and OMV Ireland with 10%.

OMV (IRELAND) Exploration GmbH is managed by OMV (U.K.) Limited based in London. OMV (U.K.) Limited has currently 10 producing fields and more than 30 exploration licenses in the North Sea. The average production is about 16,000 barrel of oil equivalent per day (boe/d).


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