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NEWS BULLETIN

July 02, 2007 --- Vol. 13, No. 60July 2007

Eni applies to roll Tuvaaq into Nikaitchuq

Eni Petroleum has applied to the State of Alaska to expand the Nikaitchuq unit offshore Alaska’s North Slope from some 12,968 acres to approximately 33,869 acres by incorporating the adjacent Tuvaaq unit and leases on the southern edge of Nikaitchuq.

The area is on state acreage in the shallow waters of Harrison Bay north of the Kuparuk River and Milne Point units.

Eni is 100 percent working interest owner in Nikaitchuq; it also has 100 percent working interest in the leases proposed to be added to Nikaitchuq.

Eni acquired Kerr-McGee Oil and Gas Corp.’s interest in the acreage earlier this year and said at that time that it was evaluating plans for phased development “with the target of sanctioning the project by year end, and first oil to flow by the end of 2009.”

Kerr-McGee drilled six wells at Nikaitchuq, Tuvaaq and Kigun in 2004 and 2005.

Two additional Schrader Bluff wells were drilled last winter: Oliktok Point I-1 and Oliktok Point I-2.

Editor’s note: see full story in July 8 issue of Petroleum News.

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