Eni Adds 26 to GOM Lineup

Eni adds 26 new exploration licenses to its portfolio after bidding US $47.8 million at the Gulf of Mexico Lease Sale 205, October 3, 2007. The acquisition is subject to approval of local authorities.

Eni remains in its core exploration area with all 26 leases in the GoM's shelf and deepwater territories. Eni will focus present opportunities in each of the key GoM play types: amplitude anomaly, subsalt miocene and paleogene.

Eni’s increased Lease Sale activity in the GoM is consistent with the company’s focus in the region and follows the acquisition of Dominion’s offshore GoM assets. It also leverages on Eni’s technical expertise in Houston and the successful integration of Dominion’s former employees with Eni in New Orleans. In addition, by targeting and securing leases close to its existing operations Eni will be able to take advantage of many synergies. The 26 new blocks are estimated to have resource potential of approximately 650 million boe and will complement Eni’s existing GoM exploration portfolio that currently amounts to over 2 billion boe.

Eni currently owns lease interests in 439 GoM blocks, 72% of which are in deepwater and is among the key GoM producers with a daily equity production in excess of 100,000 boe, of which Eni operates 60%. In addition, Eni owns lease interests in 158 leases in the North Slope of Alaska.