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Eni Sale of further U.K. North Sea Assets

Agreement signed with Venture Petroleum

London - July 2006

Eni UK completed it's sale of a package of Assets to Venture Petroleum for an undisclosed cash consideration. The Assets included, Eni's 32.5% equity interest in Blocks 21/27a and 21/27b which contain the Pilot field and Harbour oil discovery.

Stellar acted as advisors to Eni U.K for the transaction.