Eni Gets Ok to Drill Two Barents Sea Exploration Wells

Eni Norge AS has received consent to drill two exploration wells in the Barents Sea using Transocean's semisub, Polar Pioneer.

Wells 7122/7-4 and 7122/7-5 are situated approximately 80 km north-west of Hammerfest.

The exploration drilling is planned to last from October 1, 2006 to January 14, 2007. Drilling in oil-bearing layers may be carried out during the period September 1st to January 15th.

The consent has been granted on the basis of Eni's submitted application including additional information stating that the planned operations will be carried out in accordance with applicable regulatory requirements.

The consent has been granted in accordance with the contents of the Acknowledgement of Compliance (AoC) for Polar Pioneer, issued on May 6, 2004, with the responsibilities this entails for the rig owner and the operator.

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