Burren Waives Pre-emption Right on Eni's M'Boundi Acquisition

Eni and Burren Energy have reached an agreement that provides for the following:

--Burren's waiver of the exercise of its pre-emption right related to last February's transfer of activity in Congo by Maurel & Prom;
--Eni's assignment to Burren of a 5.5% interest in the M'Boundi concession and a 2% stake in the Kouilou exploration permit at the same economic terms as the acquisition from Maurel & Prom.

The total consideration will be around US$154 million.

Eni retains the operatorship and participating interests of 43.1% and 48% in the M'Boundi concession and Kouilou exploration permit, respectively.

This transaction is subject to the approval of the Congolese Authority.