Eni Makes 'Big Gas Find' at Norway Afrodite Well

Eni SpA (E) has made a "big gas find" in the Norwegian North Sea at the Afrodite field, Norwegian financial daily newspaper Finansavisen reported Wednesday.

Drilling at Afrodite, which is located in production license 293 between the Fram and Kvitebjoern fields, started Nov. 2, 2007 and has been carried out with the Transocean Leader rig.

Eni wouldn't comment on the reported find, saying only that more information would be presented to the market in March, Finansavisen said.

The outcome of Norwegian drilling operations is first reported to the market by the Norwegian Petroleum Directorate in a release, after which the companies involved can divulge information about the find.

Eni owns a 45% stake in license 293, StatoilHydro ASA (STO) 40% and Idemitsu Kosan Co. Ltd (5019.TO) 15%.

Earlier in 2008, Eni said that a gas and condensate discovery called Marulk that it made in the Norwegian Sea was bigger than it expected. It said it expects to recover between 80 million to 120 million barrels of oil equivalent from the discovery. Marulk is located around 21 kilometers southwest of the Norne field in which Eni has a 6.9% stake. Eni owns 20% of Marulk, with StatoilHydro holding 50% and DONG Energy 30%.

Copyright (c) 2008 Dow Jones & Company, Inc.

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