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NEWS BULLETIN

August 29, 2018 --- Vol. 24, No.23August 2018

Eni acquires Caelus Alaska eastern North Slope exploration acreage

Eni said today that it has acquired 124 onshore exploration leases, some 350,000 acres, from Caelus Alaska Exploration Co.

The acreage is on the eastern North Slope, and according to current Division of Oil and Gas mapping, appears to be Caelus' entire eastern North Slope acreage.

Eni, which operates the Nikaitchuq field with 100 percent working interest and also has a 30 percent working interest in Oooguruk, operated by Caelus Alaska, previously held some 35, 120 acres, bringing its new total to more than 385,000 acres.

Eni said the eastern exploration area "is considered a prime area with high potential and multiple proven plays, between two of the largest hydrocarbon discoveries in North America," Prudhoe Bay and Point Thomson.

Eni said it planed to "apply its business model and experience through a fast-track exploration with a short time to market of the potential new discoveries, aimed at generating long-term value for all stakeholders and shareholders."

A price was not disclosed.

- KRISTEN NELSON

See story in Sept. 2 issue, available online Friday, Aug. 31 at www.PetroleumNews.com

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