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TheStreet Open House

ENI's CEO Discusses Q4 2011 Results - Earnings Call Transcript

ENI S.p.A. ( E)

Q4 2011 Earnings Call

February 15, 2012 09:00 a.m. ET

Executives

Paolo Scaroni – CEO

Alessandro Bernini – CFO

Claudio Descalzi – COO, Exploration & Production

Umberto Vergine - COO of Gas & Power Division

Analysts

Nitin Sharma - JP Morgan

Marc Kofler – Macquarie Securities

Alejandro Demichelis – Merrill Lynch

Theepan Jothilingam – Nomura International

Oswald Clint – Bernstein Research

Andrea Scauri - Mediobanca Securities

Domenico Ghilotti – Equita S.I.M. S.p.A.

Mark Bloomfield - Deutsche Bank

Neill Morton - Berenberg Bank

Presentation

Operator

Good afternoon, ladies and gentlemen, and welcome to ENI’s 2011 Fourth Quarter and Full Year Results Conference Call hosted by Paolo Scaroni, Chief Executive Officer and Alessandro Bernini, Chief Financial Officer. For the duration of the call, you will be in listen-only mode. However, at the end of the call, you have the opportunity to ask questions.

I am now handing you over to your host to begin today's conference call. Thank you.

Paolo Scaroni

Good afternoon ladies and gentleman, welcome to our 2011 Fourth Quarter and Full Year Results presentation. 2011, we made exceptional progress on our medium and long term growth prospect. We had some remarkable successes in exploration with important discoveries in the Far East, with the discoveries in Yan Creek North East which have almost doubled our resources in the area.

In the Barents Sea, we've Skrugrad and recently weeks Havis had opened up a new hub with 500 BOE of recovered reserves and of course, in Mozambique where we've today announced the results of our second well Mamba North raised our estimate of gas in place to 30 TCF. We're very excited about the blocks further potential and have expanded our exploration and appraisal plan with eight further wells to be drilled in the next two years.

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