Eni SpA (NYSE: E) acquired a prospective onshore exploration area in the eastern North Slope of Alaska from Caelus Alaska Exploration LLC, the Italian oil major said Aug. 29.

In total, Eni purchased 124 exploration leases covering roughly 350,000 acres in the eastern exploration area (EEA) from the subsidiary of privately-held Caelus Energy LLC for an undisclosed amount. The company will hold all the leases with a 100% working interest.

Eni said it has already achieved a prime position in Alaska’s North Slope but the company expects its latest acquisition will further strengthen its presence.

The EEA is located between Prudhoe Bay and Point Thompson—two of the largest hydrocarbon discoveries in North America—and is considered “a prime area with high potential and multiple proven plays,” Eni said in its news release.

The area is southeast of the Prudhoe Bay oil field, close to existing infrastructures and to the Trans-Alaska Pipeline System (TAPS) and is about 20 miles to the southeast of the town of Deadhorse.

In Alaska, Eni is the operator with 100% of the Nikaitchuq Field and has a 30% participation in the Oooguruk Field, with a total net production of about 20,000 barrels of oil equivalent per day.

Vinson & Elkins advised Caelus in the transaction.