Back to top

Analyst Blog

Italian oil giant, Eni SpA’s (E - Analyst Report) share price rose 1.9% following the announcement of the company having successfully carried out the appraisal of its Agulha discovery, located in Area 4 offshore Mozambique.

The twelfth well to be successfully drilled in Area 4 – Agulha2 well – marked the southern extension of the field and proved about 25 meters of gas column in good quality Paleocene reservoir sandstones.

The delineation was executed through the Agulha 2 well, which is located in the southern part of the Area 4 Block, about 12 kilometres south of the Agulha 1 discovery well and 80 kilometres off the Cabo Delgado coast. The well was drilled in water depth of 2,603 metres to reach a total depth of 5,645 metres.

After Agulha 2, Eni is considering further exploration drilling in the southern part of Area 4. Total resources encountered in Area 4 are estimated to be about 85 trillion cubic feet of gas in place.

Eni, the operator of Area 4, holds an indirect interest of 50% owned through Eni East Africa, which owns 70% of Area 4. The other partners are GalpEnergia and KOGAS which have 10% stake each, while ENH also has 10%, carried through the exploration phase. CNPC owns a 20% indirect participation in Area 4 through Eni East Africa.

Eni, with its consolidated subsidiaries, is engaged in oil and gas, electricity generation, petrochemicals, oilfield services and engineering industries. The company’s major business segments are Exploration and Production, Gas and Power as well as Refining and Marketing. The company conducts its major exploration and production activities for hydrocarbons.

Eni carries a Zacks Rank #5 (Strong Sell). Some better-ranked oil and gas stocks that look promising include Encana Corp (ECA - Analyst Report), CVR Refining, LP (CVRR - Snapshot Report) and Matrix Service Company (MTRX - Snapshot Report). All of these stocks sport a Zacks Rank #1 (Strong Buy).

Please login to or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research


Are you a new Zacks Member or a visitor to

Top Zacks Features

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
SUPER MICRO… SMCI 27.00 +10.25%
CANADIAN SO… CSIQ 38.34 +8.18%
CENTURY ALU… CENX 26.97 +7.97%
WILLDAN GRO… WLDN 11.38 +5.86%
AROTECH COR… ARTX 3.78 +5.59%