Eni Approved for Kitan Oil Field Development

The Timor Sea Designated Authority approved the development area for the Kitan oil field following Eni's declaration of commercial discovery. The Kitan discovery is located in the permit 06-105 of the Joint Petroleum Development Area, an area jointly administered by Timor-Leste and Australia and situated approximately 170 km off the Timor-Leste coast and 500 km off the Australian coast.

Kitan has recently been discovered by the successful exploration activity performed by Eni through the well Kitan-1. Following the discovery, Eni also drilled the well Kitan-2 which was completed on March 30, 2008 and confirmed the presence of a potentially commercial oil accumulation.

Eni will now progress the preparation of a Development Plan to the TSDA that will be delivered within 12 months of this approval.

Eni is the operator, holding 40% in the permit JPDA 06-105, with Inpex holding 35% and Talisman Resources Pty Limited holding 25% as joint venture partners.

This discovery reinforces Eni's presence and growth potential in the region.

Eni has been operating in Australia since 2000 and in Timor-Leste since 2006.