Eni gets new Timor Sea exploration tract

Offshore staff

MILAN, Italy – Eni (MI:ENI, NYSE:E) has been awarded a new exploration production-sharing contract covering 662 sq km (256 sq mi) adjacent to the offshore Kitan field, in the Timor Sea.

The PSC foresees the commitment to drill two exploration wells during the first two years and separate options for the drilling of two contingent wells.

The contract area lies within the Joint Petroleum Development Area (JPDA), which is administered by both Australia and Timor-Leste. The area has an average water depth of 350 m (1,148 ft).

In the JPDA, Eni says it has identified a number of oil prospects which could be taken advantage of in conjunction with the nearby producing Kitan field, in the case of any discoveries.

4/15/2013

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