Italy’s Eni reports success in Indonesia, Libya

3/16/2015

MILAN -- Eni has completed post-drilling studies on the Merakes-1 gas find, in Indonesia’s deepwater East Sepinggan Block, which indicate significant upside gas potential. Eni is the operator of the block with an 85% interest.

The new studies upgrade the potential of Merakes from the previously estimated 1.3 Tcf up to 2 Tcf of gas in place. The well was drilled in October 2014, in 1,372 m of water, and encountered a 60-m section of high quality sandstones.

Eni will bring forward the appraisal program to evaluate the possible fast track development of the find, optimizing synergies with the nearby Jangkrik field, which is also operated by Eni.

East Sepinggan Block is located offshore East Kalimantan (Borneo), 170 km south of the Bontang LNG plant and just 35 km south of Jangkrik field.

Additionally, Eni has made a significant discovery of gas and condensates offshore Libya, in the Bahr Essalam South exploration prospect in Area D, 82 km from the coast and 22 km from the producing field Bahr Essalam.

Eni, through its subsidiary Eni North Africa BV, is operator of Contract Area D with a 100% working interest in the exploration phase. The discovery was made through the B1-16/4 well, drilled at a water depth of 150 m, which encountered gas and condensates in the Metlaoui Formation of Eocene age.

During the production test, constrained by surface facilities, the well produced 29 MMcfgd and more than 600 bpd of condensate with a 64/64 choke size. In a producing configuration, the well is estimated to deliver in excess of 50 MMcfgd and 1,000 bpd of condensate. The proximity to the Bahr Essalam infrastructures will allow a quick development of this new discovery.

Eni is currently active in Libya's offshore region with three drilling rigs used in the exploration and initial delineation of Contract Area D’s discoveries.

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