Subject: Eni Starts Development of Kitan Oil Field Offshore Australia and Timor-Leste

Oil Voice

Eni Starts Development of Kitan Oil Field Offshore Australia and Timor-Leste

23 April 2010

Eni has started the development of the Kitan oil field, located in the permit 06-105 of the Joint Petroleum Development Area (JPDA) between Timor-Leste and Australia, approximately 250km south of the Timor-Leste capital of Dili and 500km north of Darwin, Australia.

Eni is the operator (40%) in the permit JPDA 06-105, with INPEX Timor Sea, Ltd. (35%) and Talisman Resources (JPDA 06-105) Pty Limited (25%) as joint venture partners.

The Kitan field will be developed through three sub sea completion wells connected to the FPSO (Floating Production Storage and Offloading) 'Glas Dowr', operated by Bluewater under contract to Eni. First production is expected to commence in the second half of 2011 which would see oil being delivered to market just over 3 years from commercial declaration.

The development of Kitan further strengthens Eni's presence and growth potential in the Timor Sea, which is thought to be an area with strong future potential. Eni is committed to maximising the direct economic participation of Timor-Leste in the Kitan Project, through the use of Timorese goods, services and labour, and continues to work with the Timorese Government on a range of social and economic development initiatives working towards the growth of the country.

Eni has been present in Australia since 2000 and in Timor-Leste since 2006. In Western Australia, Eni is operator of the Woollybutt oil field with a 65% interest. In September 2009, Eni started production from the Blacktip gas field (100% owned and operated by Eni), located in the southern Bonaparte Gulf, offshore Northern Territory. Eni also has a 10.99% interest in the Bayu-Undan gas and condensate field. Eni has an active programme in 22 exploration licences in Australia, Timor-Leste and Papua New Guinea and operates 15 of these licences

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