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Reserves (2P) Mboe: 127.3 equity (223.8 100%) Prj Phase: Concept Definition FID: July 2015 Start Up: 4Q 2016 (Early Start -Up through Phase 1 facilities 1Q 2016) Peak Prod. kboed/anno: 29.5/2019 equity (43 100%) Capex: 2,503M$ equity (3,466M$ 100%) NPV: 791M$ (potential grought of 950M$**) IRR:16.9% (potential grought of 20%**) PV Ratio: 0.35% @ WACC adj. (*) G2 17 December 2014 (**) Capex reduction through oil linked prices and well n. optimization Data Summary* 1 Installation of 4 WHP’s, 1 RP, 1 PP & MOPU Early Production from first well foreseen 1Q2016 Production debottlenecking with rented facilities (MOPU 25kbopd capacity) 3Q 2016 Installation of Production Platform (50 kbopd) SU in 1Q2018 Oil Export Sealine 16’’ (100 kbopd) – 57km in 4Q 2016 Gas Export Sealine 18’’ (8 MScmd) – 57km in 4Q 2016 Intrafield sealines D&C 40 wells (upside 31 wells) Development Concept Nené Phase 2 Development – Project Overview @ G2 Benchmark W H P4 W H P3 W H P2 AEP W H P1 PP1 Phase1 R iser P lt PP1 M OPU

Nenè Phase 2 different scenari

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Page 1: Nenè Phase 2 different scenari

Reserves (2P) Mboe: 127.3 equity (223.8 100%)Prj Phase: Concept DefinitionFID: July 2015Start Up: 4Q 2016 (Early Start -Up through Phase 1 facilities 1Q 2016)

Peak Prod. kboed/anno: 29.5/2019 equity (43 100%) Capex: 2,503M$ equity (3,466M$ 100%) NPV: 791M$ (potential grought of 950M$**) IRR:16.9% (potential grought of 20%**) PV Ratio: 0.35% @ WACC adj.(*) G2 17 December 2014(**) Capex reduction through oil linked prices and well n. optimization

Data Summary*

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Installation of 4 WHP’s, 1 RP, 1 PP & MOPU Early Production from first well foreseen 1Q2016 Production debottlenecking with rented facilities (MOPU

25kbopd capacity) 3Q 2016 Installation of Production Platform (50 kbopd) SU in

1Q2018 Oil Export Sealine 16’’ (100 kbopd) – 57km in 4Q 2016 Gas Export Sealine 18’’ (8 MScmd) – 57km in 4Q 2016 Intrafield sealines D&C 40 wells (upside 31 wells)

Development Concept

Nené Phase 2 Development – Project Overview @ G2

Benchmark

WHP4

WHP3

WHP2

AEP

WHP1

PP1

Phase 1

Riser Plt

PP1MOPU

Page 2: Nenè Phase 2 different scenari

Nené Phase 2 Development : Project Highlights

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key milestones

AR2 held on 18-21 November 2014 , Gate 2 held on 17 December 2014 (requested execution pre-investment 231.7 M$);

FID: 3Q 2015; SU: early production of WP4 on 1Q 2016 with one well (through Ph1 facilities).

status

Ongoing FEED studies for WHP’s, PP, RP, Export Sealine & Intrafield; Ongoing tendering phase for Drilling rig acquisition; Ongoing finalisation firm in of Rig Hercules; Platforms fabrication: ITT issued in Sept. 2014, ongoign tendering process; Ongoing tendering phase for used platforms purchase; MOPU: concurrence to be issued for approval, ITT to be finalized; Held on 28-29 January Workshop with Partners on new Reservoir Dynamic Model based on

NNM3 results. Ongoing feasibility study for Nenè Phase 2 Early production Debottlenecking on Kitina NNM4 not to develop and consequently Monopod will be reallocated some other place

points of attention

and actions

Tight Schedule considering the first results coming from Tendering phase; Pre-investement authorization (Pending); Updated reservoir model with NNM3 results; CAPEX optimisation through facilities and Wells n. optimisation; GAS Utilization Plan; Planned for 5 March Worshop with CB LNG Ltd covering BLNG concept key terms of gas sales

agreement.

Page 3: Nenè Phase 2 different scenari

Reserves (2P) Mboe: 127.3 equity (223.8 100%)Prj Phase: Concept DefinitionFID: July 2015Start Up: 2Q 2016 (WHP4 & WHP2 with Monopod) (Production Debottlenecknig on Kitina)

Peak Prod. kboed/anno: 29.5/2019 equity (43 100%) Capex: saving 200-500M$; 2,503M$ equity (3,466M$

100%) NPV: 791M$ (potential grought of 950M$**) IRR:16.9% (potential grought of 20%**) PV Ratio: 0.35% @ WACC adj.(*) G2 17 December 2014(**) Capex reduction through oil linked prices and well n. optimization

Data Summary*

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Installation of 4 WHP’s & 1 PP Start –up foreseen 2Q 2016 from WHP4 & WHP2 Production debottlenecking on kitina platform through

12’’ mutiphase line and existing facilities Installation of Production Platform (50 kbopd) SU in

1Q2018 Oil Export Sealine 16’’ (100 kbopd) – 57km in 1Q 2018 Gas Export Sealine 18’’ (8 MScmd) – 57km in 1Q 2018 Intrafield sealines D&C 40 wells (Minimum 27)

Development Concept

Nené Phase 2 Scenario A – Kitina Without MOPU + RP

Benefits & the Advantages

WHP4

WHP3 WHP2

AEP

WHP1

PP1

Kitina

Export lines1Q 2018

CAPEX reduction due to structures reduction (MOPU + RP) Sinergies with other projects in Marine XII area to share

Exports pipeline (additional CAPEX saving) Early production without Gas constrain Existing Facilities valorization (added value )

Field Configuration

Page 4: Nenè Phase 2 different scenari

Reserves (2P) Mboe: 127.3 equity (223.8 100%)Prj Phase: Concept DefinitionFID: July 2015Start Up: 2Q 2016 (WHP4 & WHP2 with Monopod) (Production Debottlenecknig on Kitina)

Peak Prod. kboed/anno: 29.5/2019 equity (43 100%) Capex: saving 200-500M$; 2,503M$ equity (3,466M$

100%) NPV: 791M$ (potential grought of 950M$**) IRR:16.9% (potential grought of 20%**) PV Ratio: 0.35% @ WACC adj.(*) G2 17 December 2014(**) Capex reduction through oil linked prices and well n. optimization

Data Summary*

4

Installation of 4 WHP’s & 1 PP, 1 RP & 1PP Start –up foreseen 2Q 2016 from WHP4 & WHP2 Production debottlenecking on kitina platform through

12’’ mutiphase line and existing facilities Installation of Production Platform (50 kbopd) SU in

1Q2021 Oil Export Sealine 16’’ (100 kbopd) – 57km in 1Q 2018 Gas Export Sealine 18’’ (8 MScmd) – 57km in 1Q 2018 Intrafield sealines D&C 40 wells (Minimum 27)

Development Concept

Nené Phase 2 Scenario A – DB on Kitina With MOPU + RP

Benefits & the Advantages

CAPEX Increase respect base case Sinergies with other projects in Marine XII area to share Exports pipeline (CAPEX saving)

Early production without Gas constrain Existing Facilities valorization (added value )

Field Configuration

WHP4

WHP3 WHP2

AEP

WHP1

PP1

Kitina

Export lines1Q 2018

Page 5: Nenè Phase 2 different scenari

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WHP4

WHP3 WHP2

AEP

WHP1

PP1

Kitina

Export lines1Q 2018

Page 6: Nenè Phase 2 different scenari

Anticipated Early production through the installation of a light structure to re-enter NNM3 well

Installation of Refurbished 4-legs platform to support necessary production facilities

Drilling of one additional well (base case approved by Partners) + two wells (contingent case)

Export of multiphase production to the existing Zatchi (ZAF-3) production platform through a dedicated 6” sealine

ZAF-3 platform modifications Produced oil sent to Djeno Oil terminal for

commercialization together with Zatchi production. First Oil achieved on the 29th of

December 2014

Nené Phase 1 - DPM Rami Rached - 65% eni share (W.I. 72,22%)

Reserves (2P) Mboe: 8.0 equity (12,3 100%) Prj Phase: Execution FID: April 2014 Start Up: December 2014 Peak Prod. kboed/anno: 5/2015 equity (7.6 100%) Capex: 206.4 M$ equity (284.9 M$ 100%) NPV: 175.9 M$ IRR: 29.5% PVratio: 0.86 @ WACC adj. HSE Statistics: LTIF: 0 TRIR: 0 @ Dec 14 FO on the 29/12/2014(*) Release 21

Data summary*

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Development conceptBenchmark

Page 7: Nenè Phase 2 different scenari

status

Nené Phase 1 - Project Highlights

NNM5 drilling in progress (foreseen completion in mid of April); Ongoing Deck facilities Completion acivities; Held on 24th February Workshop with Partners covering:

NNM5 - Completion Strategy & Frac Proposal; NNM6 - Location Proposal. NNM3 – Well Test data

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key milestones

FID / Start up April 2014 / December 2014 First Oil achieved on the 29th of December 2014

2014 main data

CAPEX 2014: 125 M $ equity vs 117 FC3 (173.1 M$ 100%)

points of attention

and actions

Drilling of NNM6 well to be approved by Partners.

Page 8: Nenè Phase 2 different scenari

Nenè Phase 1: Project Schedule

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