Eni Acquires 104 Alaskan Exploration Leases

Eni acquired the Alaskan assets of US independent Armstrong Oil & Gas, comprising 104 exploration leases along Barrow Arch, in the North Slope, Northern Alaska.

"I am very pleased with this initiative which follows our recent acquisition of Indian exploration rights and is in line with Eni's strategy of pursuing expansion into high-potential areas", Paolo Scaroni, CEO of Eni, said.

"With the acquisition of exploration assets in Alaska - Paolo Scaroni continued - Eni intends to leverage its technological expertise gathered in challenging environmental and operating conditions such as Caspian Sea or Angolan deepwater fields".

Total net reserves of the exploration blocks are anticipated in excess of 170 million barrels of oil. The portfolio, located both onshore and offshore in the Beaufort Sea, includes two projects in the pre-development stage and a number of defined exploration prospects.

In the USA, Eni operates 70 of more than 300 exploration leases in which it participates, 90% of which are located in deepwater. Eni's daily equity production in the United States is 45,000 BOE, with production start up from two additional new deepwater fields expected by end of 2005.