RWE Dea Acquires Stake in two ENI UK Assets

RWE Dea AG has acquired stakes in two UK North Sea blocks containing part of the undeveloped Devenick gas condensate field.

The interests of Eni UK, as a wholly-owned subsidiary of Eni S.p.A, in Block 9/28a Area A and Block 9/29a have been acquired by RWE Dea SNS Limited, a member of the RWE Dea UK Group of companies. This transaction marks RWE Dea's first asset acquisition in the UK since its purchase of Highland Energy in February 2002.

This is an important step in the growth of RWE Dea s upstream business in the UK, as it is the first venture outside our current core area in the Southern North Sea, and builds on the purchase of Highland Energy last year. Our growth strategy is focused on bringing our current SNS developments on stream within the next two years while seeking longer term growth through projects such as Devenick, commented Christoph Schlichter, Managing Director of RWE Dea UK.

We are actively seeking further opportunities to grow our gas reserve and production base through developments and acquisition, and to increase the size and quality of the exploration portfolio through license rounds and farm-ins, said John Austin, Exploration and New Business Manager.

Devenick Field is located in Blocks 9/28a Area A and 9/29a are situated in the Viking Graben area of the North Sea, approximately 280 km offshore from the coast of NE Scotland. Following completion of the acquisition, equity holders for Block 9/28a Area A will be BP as operator with 53.66667%; Britoil with 1.6666%; RWE Dea 2 with 44.66667%. Equity holders for Block 9/29a will be Britoil as operator with 81% and RWE Dea with the remaining 19%.

The Devenick Field was discovered by BP in 1983 and, following a successful appraisal well completed in 2002, further appraisal and development activities are expected to lead to first production in 2007-2008. The size and extent of the Devenick Field are yet to be determined, as are the proportions of the field within each of blocks 9/28a Area A, 9/29a and 9/24b.
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