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Eni Sale of U.K. North Sea Assets

Agreement signed with Ithaca Energy

London - October 2005

Eni UK completed it's sale of a package of Assets to Ithaca Energy for an undisclosed cash consideration. The Assets included, Eni's 20% equity interest in Blocks 23/16c, 23/16d and 23/17a, and a 100% equity interest in 23/16b (LW) and contain the Barbara gas discovery and Mortimer oil discovery.

The Effective Date for the transaction is 1st January 2005.

Stellar acted as advisor to Eni U.K. for the sale.