ATYRAU, KAZAKHSTAN, May 3, 2001 - Eni, recently appointed operator of OKIOC, today announced that a portion of the oil bearing interval which was encountered in the Paleozoic Carbonate below 4250 metres at the Kashagan West 1 well, has now been tested.

During well testing with a 32/64'' choke, oil flowed at a rate of up to 540 cubic meters of oil per day (3,398 barrels per day) and 215,000 cubic meters of gas per day (7.59 million standard cubic feet per day).

Oil gravity measured at the well-site ranged between 42 and 45 API degrees. The well, spudded last year on October 6, was drilled in 7 metres of water to a total depth of 4,982 metres.
The tests were satisfactorily concluded in line with the program and Eni and OKIOC's partners are encouraged by the data received to date.

Kashagan West 1 is the second well drilled by the Consortium and is located 75 kilometres south-east of Atyrau in the North East sector of the Caspian Sea approximately 40 kilometers from the discovery well Kashagan East 1.

Following the completion of the Kashagan West 1 well, the Sunkar drilling rig will return to Kashagan East to commence an appraisal drilling campaign.

Eni is the operator of OKIOC on behalf of a Consortium which includes subsidiaries of BG, BP, Eni, ExxonMobil, Inpex, Phillips Petroleum, Shell, Statoil and TotalFinaElf.