Eni JV Makes Deepwater Discovery at Stones in GOM

Eni has successfully drilled an exploration well on the Stones discovery, located in Walker Ridge block 508 approximately 325 kilometers (200 miles) off the Louisiana coast in a water depth of 2,300 meters (7,500 feet).

The Stones-3 exploration well, which was drilled 1.6 kilometers north of the Stones-1 discovery, reached a total depth of approximately 9,000 meters (29,400 feet) and encountered multiple oil-bearing sands. The well data will now be analyzed while future drilling activity is currently being planned to further define the size of the discovery.

Eni owns a 15% working interest in Stones. Shell (operator, 35%), Marathon (25%), and Petrobras (25%) are the other partners. The Stones unit (a 10-block area) was part of the exploration portfolio acquired by Eni in July 2007 from Dominion and has additional exploration opportunities.

The Stones discovery is located near other recent discoveries in deep reservoir sands such as St. Malo (in which Eni participates), Chinook and Cascade. Eni holds a considerable exploration portfolio in this area, with several new opportunities being matured for future drilling.

In the US, Eni currently owns lease interests in 408 GOM blocks, 70% of which are in deepwater. Eni is also one of the largest GOM producers with a daily equity production capacity in excess of 110,000 boe, of which 60% is operated. In addition, Eni also owns interests in 158 leases on the North Slope of Alaska.