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Eni Announced Major Oil Discovery Offshore Angola

Source: www.gulfoilandgas.com 7/12/2010, Location: Africa

Eni and Sonangol announce a new major oil discovery in Block 15/06, located offshore Angola. The Cabaca South East-1 well, located at a depth of 470 meters, at a distance of 100 km from the coast, successfully reached its multi-target objective in the deepest levels of Miocene age, where oil bearing reservoirs, with a total of 450 meters of gross thickness, have been proven.

Initial evaluations indicate that the discovery holds material volumes of oil in place of high quality.

Cabaca South East-1 is the seventh of eight expected exploration wells within the contractual commitments of the license. The well has produced results beyond initial expectations and confirms the potential for a second productive hub in the North East area of the block. The current engineering studies and the activities prior to the development of the West Hub will provide guidance for the second production centre. Thanks to the synergies with the ongoing activities, the East Hub will double the production in Block 15/06.

Eni has a 35% working interest and is the Operator in Block 15/06, while Sonangol E&P is the Concessionaire. The other partners in the JV are Sonangol Pesquisa e Produçao (15%), SSI Fifteen Limited (20%), Total (15%), Falcon Oil Holding Angola SA (5%), Petrobras International Braspetro B.V. (5%) and Statoil Angola Block 15/06 Award AS (5%). Six out of the seven commercial prospects drilled to date provide evidence of the success of the exploration activities carried out so far from the Eni-led consortium, in full compliance with safety and environmental protection standards.

Eni has been present in Angola since 1980. Its current equity production is approximately 130,000 barrels of oil equivalent per day. This discovery further strengthens Eni’s presence in the country, and confirms Angola as one of the core countries in Eni's organic production growth strategy.

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