Eni announces new significant oil discovery offshore Angola

Source: www.gulfoilandgas.com 5/5/2008, Location: Africa

Eni and Angola's Sonangol E.P. made an important oil discovery in the deepwaters of Block 15/06, located some 350 km north of Luanda, in the Angolan offshore. Eni is Operator of Block 15/06. The exploration well (called Sangos 1) which led to the discovery has been drilled at a water depth of 1,349 metres and to a total depth of 3,343 metres. Sangos 1 has discovered an oil mineralization column 127 metres high, located within sands from the Miocenic Age with high permeability.

During production tests, the well produced excellent quality oil (29 API degrees1) 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 with. Sonangol E&P as the licensee. The other partners of the Contractor Group are Sonangol Pesquisa e Produçao (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.


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