Edison Awarded Dayyer Block Offshore Iran

During a ceremony attended by Iran's Oil Minister Gholam Hossein Nozari, Edison signed a hydrocarbons exploration contract in Iran. Edison has been awarded the offshore block called Dayyer, which spans an area of 8,600 square kilometers in the Persian Gulf. The block was tendered by the National Iranian Oil Company (NIOC).

The contract envisages an exploration period of four years, during which studies will be made, seismic data will be acquired and processed and one exploration well will be drilled. Edison will invest approximately 30 million euros. If reserves were discovered, Edison will directly enter the development phase.

This new contract is consistent with Edison's Industrial Plan which calls for an expansion of Edison exploration and production operations, with the goal of increasing reserves and boosting hydrocarbon production to a level equal to about 15% of the Group's future needs.