Eni Makes Seventh Oil Find in Block 15/06 Offshore Angola

Eni and Sonangol announced another important oil discovery at the Mpungi-1 well, offshore Angola.

The well, located in Block 15/06, 120 km from the Angolan shoreline in 1,050 metres of water, was drilled to a total depth of 2,300 meters and encountered oil pay in both the Upper and the Middle Miocene sand reservoirs. During the production test of the main pool, the well has flowed light oil at rates in excess of 6,000 barrels per day (rates were constrained by surface equipment).

Mpungi-1 is the eighth exploration well drilled by the Joint Venture since it was awarded the block at the end of 2006. It is the seventh discovery in the area and it completes the Block's minimum work obligations one and a half year in advance of the contractual terms. Such an outstanding result was achieved safely (3.7 M hours without LTI) with operational efficiency and within budget.

Eni has a 35% share, 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. Angola is one of the core countries in Eni's organic production growth strategy.