Quito – Eni has made a significant oil discovery in Ecuador at the Oglan-2 exploration well located in Block 10, approximately 260 kilometers southeast of Quito. Early estimates suggest that the Oglan discovery potentially contains about 300 million barrels of oil in place. The well, drilled to a total depth of 6,450 feet, encountered a 236 foot net crude oil column (16° API). During a production test, constrained by surface facilities, the well flowed at 1,100 barrels of oil per day. The data acquired in Oglan well indicate a production capacity per well up to 2,000 barrels of oil per day. Eni will immediately begin the studies for the commercial exploitation of the Oglan discovery, located just 7 kilometers from the processing facilities of the Villano field, also inside Block 10, which currently produces approximately 12,500 barrels per day, entirely Eni equity. Eni, through its affiliate Agip Oil Ecuador, operates Block 10 since February 2000. The Oglan discovery is the outcome of Eni’s new exploration campaign, which the company is undertaking as part of its strategy to develop Block 10 under the new Service Contract signed with the Ecuadorian Government in 2010. (9colonne)
