ITALY

ITALIAN INFRASTRUCTURE
Italian Market has high prices and good infrastructure
- Gas price received from Company’s major supply contract for August was €0.31 per scm equivalent to USD 13.70 thousand cubic feet*
- Import reliant - Italy currently imports over 80% of its gas
- Strong demand growth
- Significant infrastructure capacity – extensive pipeline network assists new field development
- Italian Market wholesale price is generally linked to oil price over six month lag.