Mission

• Adjusted operating profit: up 27% to €6.45 billion
• Adjusted net profit: up 13% to €2.48 billion
• Net profit: up 42% to €3.62 billion
• Cash flow: €4.19 billion

• Oil and natural gas production: down 0.6% to 1.674 mmboe/d. Excluding the impact of price effects, production was up by 0.2%
• Natural gas sales: down 5.3% to 30.61 billion cubic meters affected by weak demand
• New, relevant exploration success in Mozambique with Mamba North East 1 discovery
• Signed a strategic agreement with Rosneft in the Russian upstream offshore the Barents Sea and the Black   Sea
• Started production at the giant Samburgskoye in Siberia
• Agreed the revision of the gas supply contracts with Gazprom
• Reached the agreements to start the divestment of Galp Energia
• Signed a contract for the exploration of one of the most attractive offshore basins in China
• Continuing exploration success in the Barents Sea

Mozambique
In March 2012, following the Mamba South and Mamba North discoveries, a new large exploration success was achieved in Mozambique with the discovery of Mamba North East 1 also located in Area 4. The discovery well encountered a reservoir which is estimated to hold a mineral potential of at least 10 Tcf of gas in place. The discovery further upgraded the potential of Area 4 to
an estimated 40 Tcf of gas in place at least. For the year 2012, Eni plans to drill 4 additional wells in the Mamba complex to fully ascertain the mineral potential of the area.

Agreement with Rosneft
On April 25, 2012, Eni and Rosneft signed a strategic cooperation agreement to jointly develop exploration licenses in the Russian offshore of the Barents Sea and the Black Sea. Under the agreement, joint ventures (Eni 33.33%) will explore for and develop the Fedynsky and Tsentralno-Barentsvesky licenses offshore the Barents Sea and the Zapadno-Cernomorsky license
offshore the Black Sea. These licenses are estimated to hold recoverable resources of 36 billion boe.

Gazprom
In March 2012, on the back of the existing strategic partnership, Eni and Gazprom signed an agreement renegotiating the terms
of certain gas supply contracts. The recognition of the associated economic effects was retroactive to the beginning of 2011.
The two partners also agreed a roadmap to start building the South Stream gas pipeline targeting a final investment decision by end of 2012.

Agreement for the divestment of interest in Galp
On March 29, 2012, Eni and the other relevant shareholders of the Portuguese company Galp Energia, Amorim Energia and Caixa Geral de Depòsitos SA, signed a number of agreements that amended the shareholders agreements currently in place between the
three companies allowing Eni to commence the process of divesting its 33.34% interest in the Company.

The agreement provides for:

• the sale of Eni's 5% interest in Galp to Amorim Energia within 150 days from the signing of the agreements at a price of €14.25 a share;
• the right for Eni to sell up to 18% of Galp shares on the market (which could potentially increase by 2% if convertible bonds are issued);
• the sale of 5% of Eni’s interest in Galp (on the market or to Amorim) will trigger the termination of the shareholders' agreements currently in place;
• a pre-emption right granted to Amorim on the residual 10.34% shares of Galp owned by Eni through a combination of a call option on a 5% interest and a right of first refusal on the remaining 5.34%, or on the whole 10.34% in case Amorim does not exercise the call option.

Divestment of interest in Interconnector
On February 22, 2012, Snam and Fluxys G signed a preliminary agreement to purchase Eni's 16.41% interest in Interconnector (UK) Limited, its 51% interest in Interconnector Zeebrugge Terminal SCRL and its 10% interest in Huberator SA for a total consideration of €150 million. These companies own and operate the subsea gas pipeline that provides a bi-directional link
between the UK (Bacton) and Belgium (Zeebrugge) hubs. IZT and Huberator are Belgian companies: IZT owns the Belgian compressor terminal at the Interconnector in Zeebrugge, and Huberator offers trading-related services in the Zeebrugge Gas Hub. 
The completion of the transaction is subject to certain conditions precedent and is expected to occur by the second half of 2012.

China
On April 2012, Eni and China National Offshore Oil Corporation (CNOOC) signed a Production Sharing Contract (PSC) for the exploration of Block 30/27, which has a high exploration potential and is located in one of the most attractive areas in the Chinese offshore. Eni will be the Operator of the project, with a 100% interest. In the case of a discovery, CNOOC has a back-in right of up to 51%.

Norway
In January 2012, Eni was awarded the operatorship of the PL657 license (Eni’s interest 80%) located in the Barents Sea near the Goliat operated field (Eni’s interest 65%). Any exploratory success will be supported by the existing facilities significantly reducing time-to-market.
In the first quarter of 2012, exploration activities yielded positive results in the PL532 license located in the Barents sea (Eni’s interest 30%) with the appraisal of the Skrugard oil and gas discovery and with the new Havis oil and gas discovery. The total recoverable reserves of the PL532 license are estimated at approximately 500 mmbbl. Both fields are planned to be put in
production by means of a fast-track synergic development.

Main production start ups
At the beginning of April 2012, Eni started production at the Marulk field (Eni 20%, operator) located in the Norwegian offshore with a production that is expected to peak at approximately 20 kboe/d in 2012 (4 kboe/d, net to Eni). In April 2012, Eni started production at the Samburgskoye field, in Siberia, with an expected peak production of approximately 43 kboe/d (14 kboe/d, net to Eni).

Incident in the North Sea
On March 25, 2012, a gas leak following a well operation occurred at a wellhead platform of the Elgin/Franklin gas field (Eni’s interest 21.87%) which is located in the UK North Sea. The field is operated by an international oil company which is taking all necessary steps to handle the situation. Eni is closely monitoring the situation to assess any possible liability which may arise from the incident.