ENI S.p.A. (
Q4 2011 Earnings Call
February 15, 2012 09:00 a.m. ET
Paolo Scaroni – CEO
Alessandro Bernini – CFO
Claudio Descalzi – COO, Exploration & Production
Umberto Vergine - COO of Gas & Power Division
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
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.
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.