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eni spa (EIPAF) Key Developments

Eni Announces a New Oil and Gas Discovery in the Western Desert of Egypt

Eni has announced a new discovery of oil and gas in the West Melehia deep exploration prospect, located in the Melehia licence, in the Western Desert of Egypt, 300 square kilometers west of Alexandria. The exploration well, which allowed the discovery of Melehia West Deep 1X, was drilled to a depth of 4,175 meters, meeting a 20 meters net mineralized accumulation of light oil in the Lower Cretaceous age of the Alam El Bueib formation. The well also encountered a significant mineralized accumulation of gas and condensates in the Upper Jurassic age in the Safa formation. The well began production with an initial flow of 2,100 barrels of oil per day (40 API), intended for the Melehia field infrastructure treatment. The discovery will be rapidly followed by the drilling of other delineation and development wells which should result in an estimated production of about 8,000 barrels per day by the end of 2015. Melehia West Deep 1X's drilling, together with Emry and Rosa North's previous discoveries, confirm Eni's strategy in Egypt with regard to exploration in the deep geological sequences of the Western Desert. It also shows the significant potential for exploration available in the deep sequence of Melehia's licence, increased by new three-dimensional seismic imaging technology.

Eni Wins Two Exploration Licenses in Norway

Eni announced that it was awarded by the Ministry of Petroleum and Energy two exploration licenses in the Barents sea and in the North Sea as part of the Norwegian Award in Pre-Defined Areas (APA) 2014. Following the award, Eni is now operator of the area PL 806, in the Barents Sea, with a 40% stake, while E.ON E&P, Edison International and Petoro are partners with 20% respectively. In the North Sea's area PL 044 C Eni is partner with a 13,12% stake, ConocoPhillips as operator with 41,88% stake, Statoil with 30% and Total with 15%.

Eni SpA Announces Three-Year Extension to Explore Angola's 15/06 Offshore Block

Eni SpA announced the Angolan authorities had granted it a three-year extension to the exploration period for the 15/06 offshore block, which had expired in November 2014. The company has requested the extension so as to complete its exploration activities by drilling three wells and perform 3D seismic surveys. The extension the Italian company has gained includes an area adjacent to the 15/06 exploration block containing the Reco-Reco discovery, which is estimated to have some 100 million barrels of oil in place. Eni, which acquired the 15/06 block in an international bid round in 2006, has found it to contain more than 3 billion barrels of oil in place and 850 million barrels of reserves.

National Iranian Oil Company Announces Signing of an Agreement with Eni S.p.A Oil and Gas Company

National Iranian Oil Company announced signing of an agreement with a European company to start the new oil and gas discoveries in Iran's Salt Domes. Although Iran talks with the 5+1 have not yet led to a final agreement, European companies have begun negotiations with Iran at exploit advantages of its high oil and gas reserve. Following the negotiations and correspondence between the National Iranian Oil Company and Italy's Eni S.p. A Oil and Gas Company as well as Russias LUKOIL, the first oil and gas exploration contract was signed with a European company. Currently, Iran holds the large hydrocarbon reserves in the world with 157 billion barrels of crude oil and over 34 trillion cubic meters of natural gas reserves. Based on the former estimates, Iran has crude oil and natural gas for production and export up to at least 50 and 80 years respectively, without any new discoveries.

Eni Completes Production Test on Minsala Marine 1 Exploration Well Offshore Congo

Eni has successfully completed the production test on the Minsala Marine 1 NFW, located in the Marine XII Block offshore Congo, 35 kilometers from the shoreline and 12 kilometers from the recent Nene Marine discovery. During the production test the well delivered in natural flow in excess of 5,000 barrels of oil per day and 14 million standard cubic feet of gas per day from an opened section of 37 meters out of the 420 meters oil column identified in the discovery. The oil quality is 41 degrees API. Eni preliminarily estimates the potential of Minsala Marine discovery to be about 1 billion barrels of oil equivalent in place, of which 80% is oil. The Company has scheduled an appraisal plan for the discovery and has begun studying the commercial development of its significant hydrocarbons reserves.

 

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