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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).

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