Drilling Rig Strikes Oil Again in Barents Sea

Press Release
Thursday, March 08, 2012

ENI drills deep appraisal well in Barents Sea, encounters gas & oil columns

ENI has successfully drilled the appraisal well 7220/5-1 in the Skrugard discovery field 200 kilometres off the Norwegian coast.The well was drilled at a water depth of 388 metres, reaching a total depth of 1,740 metres at a site located approximately 3 kilometres from the Skrugard-1 discovery.

A gas column of about 25 metres and an oil column of 48 metres was encountered in the Middle - Lower Jurassic reservoir, Stø & Nordmela Formations. Intensive data collection and sampling have been carried out in the well-bore and the results show a reservoir of excellent quality.

The aim of the appraisal well was to prove the hydrocarbon extension in the middle section of the Skrugard structure. Estimates confirm that Skrugard holds at least 250 million barrels of recoverable oil and approximately 10 billion standard cubic metres of associated and free gas. Together with the Havis field, discovered at the beginning of this year 7 kilometres south-west Skrugard in the PL532 license,  recoverable oil reserves are now over 500 million barrels. These will enable the license partners to carry out an efficient development plan and to rapidly put resources into production.

During the year Eni plans to carry out further exploration activities in the Barents Sea ,  where the company will drill the Bønna prospect in the PL 529 license area and the Salina prospect in the PL 533 license area as the Operator. In autumn 2012, Eni will also start drilling 22 production wells for the Goliat project.

Eni is the only Company along with Statoil to be present in all three commercial oil discoveries in the Barents Sea. With Goliat, Skrugard and Havis in its portfolio, Eni now has a 30-year outlook for its activities in the Barents Sea developing a strong foothold in the early phase of a high potential oil province on the Norwegian continental shelf .

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