Eni Makes Significant Oil Discovery Offshore Angola

Eni and Sonangol E.P. made an important oil discovery in deepwater Block 15/06, located approximately 350 kilometers north of Luanda offshore Angola.

The exploration well (called Sangos 1) which led to the discovery has been drilled at a water depth of 1,349 meters and to a total depth of 3,343 meters. Sangos 1 has discovered an oil mineralization column 127 meters high, located within sands from the Miocenic Age with high permeability.

During production tests, the well produced excellent quality oil (29 degrees API) in greater quantities than expected. Field dimensions and results are better than estimated.

Sangos 1 is the first exploration well drilled in Block 15/06. Further wells will be drilled in the surrounding, high potential areas in order to develop synergies in the western part of the Block.

Eni has a 35% working interest in the Block and is the operator. Other partners are Sonangol E&P as the licensee. The other partners of the Contractor Group are Sonangol Pesquisa e Producao (15%), SSI Fifteen Limited (20%), TEPA (Block15/06) Total (15%), Falcon Oil Holding Angola SA (5%), Petrobras International Braspetro B.V. (5%) and Statoil Angola Block 15/06 Award AS (5%).

This successful discovery confirms the high mineral potential of the Block 15/06, which was awarded to Eni in 2006 following a very competitive international tender. Sangos 1 also testifies to Eni's expertise and knowledge in deepwater exploration and development, which have always been key factors contributing to the success of the company.

Eni has been present in Angola since 1980. Eni's current equity production reaches approximately 125,000 boe/d. Angola is one of the countries included in Eni's production growth strategy, and the partnership with Sonangol is a significant opportunity for cooperation and development. Eni and Sonangol also recently started cooperating in the gas industry, through the acquisition by Eni of a share in the Angola LNG project and through the company's participation in a consortium for the exploration of potential gas reserves in Angola.