Open - Ina

North AdriaticExploration and development operations in the NorthAdriatic have been carried out as joint ventures withforeign partners. The North Adriatic licence area hasbeen explored and developed with ENI, Italy, throughthe j.v. operating company INAGIP. The North Adriaticarea includes the Ivana, Ika, Ida and Annamaria gasfields. The Aiza-Laura (which includes part of the NorthAdriatic and Central Adriatic licence areas) includes theMarica and Katarina natural gas fields. The largest Ivanafield was put into production in 1999. The Ika and Idafields have been in production since early 2006 and areconnected to the Ivana field. The Annamaria field wasalso discovered in 2006 and it is to be developed withinthe next two years together with the smaller gas fieldsAna, Vesna and Irina.The exploration activities on the North Adriatic licencearea continue as new prospects are delineated andprepared for exploratory drilling.North Adriatic licence areaThe interpretation of 3D seismic surveys acquired onthe Annamaria field indicated the existence of thin layergas beds.The Ika C SW prospect has been identified during 2006seismic revision of the block, after positive re-evaluationof thin layers trapping potentials in the Annamaria field.The IKA C SW-1 exploration well is planned to be drilledduring 2008 along with the Boæica-1 well on anotherIvana field prospect.The exploration phase on the Aiza Laura block has beencompleted in January 2007.Izabela BlockThis block has been explored by INA and Edison, Italy, afterthe signing of a PSA agreement in 2002. A joint operatingcompany EdINA was established and it has taken on theoperation of the Izabela block and later of the Ivona block.After discovery of the gas field Izabela by drilling theexploratory wells Izabela-1 and Izabela-2, 3D seismic surveywas carried out on the northern part of the Izabela block,where Irena-1 and Irena-2 wells were drilled. Unfortunatelythese two wells did not confirm gas reserves in the targetCarolla formation, but significant gas traps were detectedin the shallow Ravenna formation layers. The Irena -1 wellhas been abandoned until an appropriate developmentsolution is found. A redefining of the prospect is in course.Ivona BlockThe Ivona block contract was signed between INA andEdison in December 2005. The first exploration phaseof three years includes seismic data collection. It is fullyfinanced by Edison. The acquisition of 2D seismic in a highdensity grid was performed on 1,866 km in 2007. Twoprospects have been identified but the final decision onfurther exploration activities will be made by the partnersafter analyses of seismic data interpretation.In 2007 INA’s exploration efforts were successful andresulted in new commercial reserves on the Mustadiraprospect on the Hayan block in Syria and on the Drava blockin the Pannonian basin. The newly discovered reservesare appraised at 30,711,395 bbl/oe. Total investments in allINA’s exploration projects were USD 35.53 million, whichmakes the finding cost of 1.16 $/bbl.Investments in exploration and development in 2007.Description Total in 2007 In Croatia AbroadHRK mil. USD mil. HRK mil. USD mil. HRK mil. USD mil.Exploration operations 190,54 35,53 22,66 4,22 167,88 31,30Development operations 614,39 114,55 359,23 66,98 255,16 47,57TOTAL INVESTMENTS 804,93 150,08 381,89 71,20 423,04 78,8734 Business activities