Eni Acquires Exploration Licenses in Mali

Eni S.p.A.

Eni, partnering with the Algerian state company Sonatrach, said that it has acquired five exploration onshore licenses covering a wide area in the northern portion of the Mali Republic. The licenses are located approximately 1,000 km north of the capital city Bamako.

Eni has acquired a 50% participating interest along with operatorship from Baraka Mali Operations Limited, a wholly owned subsidiary of the public company Baraka Petroleum Limited, and the private company Baraka Mali Ventures Limited, which originally had 75% and 25% interest respectively in the licenses. Sonatrach has acquired a 25% interest in the licenses through its subsidiary Sipex.

The shareholding of the licenses will be as follows: Eni (50%, operator), Sonatrach/Sipex (25%), Baraka Mali Operations Limited (18.75%) and Baraka Mali Ventures Limited (6.25%). The operation is subject to the approval of Mali Authorities.

The total acreage of the exploration blocks is approximately 193,000 square kilometers. Blocks are located in the central part of the Taodueni Basin, a completely unexplored and high potential basin according to recent studies. This initiative falls under Eni's strategies to identify and explore new areas with high hydrocarbon potential.