Edison strengthens its upstream operations: the objective is to achieve annual production equal to 15% of the Group’s total needs

Milan, January 9th 2008 – During a ceremony attended by Iran’s Oil Minister Gholam Hossein Nozari, Edison signed today a contract for the exploration of hydrocarbons in Iran. In particular, Edison was awarded the offshore block called Dayyer, which spans for 8,600 square kilometres in the Persian Gulf, tendered by National Iranian Oil Company (NIOC). The contract envisages an exploration period of 4 years, during which studies will be made, seismic data will be acquired and processed and one exploration well will be drilled: investments will be approximately 30 million euros. If reserves were discovered, Edison will directly enter the development phase.

This new contract is consistent with Edison’s Industrial Plan which calls for an expansion of Edison exploration and production operations, with the goal of increasing reserves and boosting hydrocarbon production to a level equal to about 15% of the Group’s future needs.