ENI Unit Sells Oyo Field

Agip Exploration, a subsidiary of ENI, entered into a definitive agreement to divest its 40% working interest in OMLs 120 and 121 to Allied Energy. The transaction is subject to customary conditions for closing and is expected to conclude during Q1 2012.

The OMLs contain the producing Oyo field.

Once approved, Allied plans to expedite the development of the Oyo field by drilling two additional production wells over 2012. The wells are expected to significantly increase oil production over current levels. Allied also intends to accelerate exploration activities in the OMLs to fully exploit potential outside of the field, independently estimated at up to two billion barrels of unrisked prospective oil resources.