2009-10-28-2009-09-28-2009-09-28

Purchased majority stakes in Offshore Cape Three Points & Offshore Cape Three Points South exploration licenses in Ghana.

Eni SpA has entered Ghana through the acquisition of majority stakes in the Offshore Cape Three Points (OCTP) and Offshore Cape Three Points South (OCTPS) exploration licenses from Vitol Upstream Ghana Ltd., part of the Vitol Group, for an undisclosed price. Eni acquired a majority interest in both licenses, as well as both operatorships. The new license participating interests, which will be the same for both blocks, will be Eni Ghana Exploration and Production Ltd., 47.22% (and operator); VUGL, 37.78%; and state company Ghana National Petroleum Corp., 15%. GNPC will have a back-in option for an additional 5% in OCTP and 10% in OCTPS. During June and July, VUGL, in partnership with GNPC and Eni, drilled the Sankofa-1 well in the OCTP block in a water depth of 850 meters. The well encountered 36 meters (net) of oil and gas. Both blocks are in the Tano/Cape Three Points oil basin, which has recently yielded some of the biggest offshore discoveries in Africa. The Sankofa is 35 kilometers east of Jubilee Field.