Eni's Discoveries Set Stage for Block 15/06 Oil Hub

Following Petrobras' announcement in February, Eni and Sonangol confirmed two new oil discoveries in Block 15/06 with the exploration wells Nzanza-1 and Cinguvu-1, offshore Angola. Both wells are located around 350km north-west of Luanda in 1,400 meters of water depth and successfully reached the targets in the Lower Miocene layers, where oil pay sands with good reservoir characteristics were encountered. The two discovery wells were drilled by the Scarabeo 7 semisub.

The results of the two wells are within the predicted hydrocarbon volume ranges of pre-drill expectations and the positive outcomes will allow the ongoing pre-development phase of the "Western Hub" to proceed.

During production tests, Nzanza-1 well produced oil at rates above 1,600 barrels/day. An analysis of the results indicates the potential for future production wells in excess of 5,000 barrels/day per well, when associated to artificial lift. At Cinguvu-1 the production test, limited by surface facilities, reached a maximum flow of 6,400 barrels/day of oil. The Nzanza-1 and Cinguvu-1 results follow the recent success of Cabaça Norte-1 in 2009, and Sangos and N'Goma in 2008.

This result confirms the high potential of Block 15/06, which was awarded to Eni in 2006 following a very competitive international bid process. The effective exploration of the operated block is due to the deepwater expertise that Eni has brought into the project using proprietary technologies to improve probability of success and to optimize time and costs in well operations.

Alongside its partners in Block 15/06, Eni will continue the exploration drilling during 2010 with the aim of securing the resources that will support the sanctioning of the second production hub in the North East area of the Block.

Eni has a 35% working interest and is the Operator in Block 15/06, while Sonangol E&P is the Concessionaire. The other partners of the Contractor Group are Sonangol Pesquisa e Produção (15%), SSI Fifteen Limited (20%), Total (15%), Falcon Oil Holding Angola SA (5%), Petrobras International Braspetro B.V. (5%) and Statoil Angola Block 15/06 Award AS (5%).

Eni has been present in Angola since 1980. Eni's current equity production reaches approximately 130,000 barrels of oil equivalent per day.

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