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Equinor (EQNR) Makes 9th Discovery Near Norway Fram Field
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Equinor ASA (EQNR - Free Report) made a hydrocarbon discovery near the Fram field in the Norwegian North Sea, marking the ninth successful well in the area since 2019.
The discovery was made through an exploration well and an appraisal well drilled about four kilometers southeast of the Fram field. Equinor has been operating in the field since 2003.
Equinor completed the drilling of 35/11-26 S and 35/11-26 A wells at the Crino/Mulder prospect in production license 090. Equinor operates the license with a 45% interest.
The first wildcat (Crino) well, identified as 35/11-26 S, hit a thick natural gas column and a 26-meter oil column in the Heather Formation in sandstone layers totaling 33 meters with moderate to good reservoir quality.
Then again, the 35/11-26 A well encountered sandstones of moderate to good reservoir quality in the Heather Formation. Beside this, oil and gas were also found in shallower intra-Heather sandstones in both wells. The wells were drilled using Odfjell Drilling’s Deepsea Stavanger semi-submersible rig.
According to preliminary estimates, the discovery holds 9-35 million barrels of recoverable oil equivalent. Both oil and gas have been found. The latest discovery shows the potential of the highly-prolific Fram area.
Equinor will consider tie-back to other discoveries and existing infrastructure in the area. Discoveries close to the existing infrastructure are crucial to maintaining oil and gas production from the Norwegian Continental Shelf.
Equinor’s other discoveries in the area are Echino South, Swisher, Rover North, Blasto, Toppand, Kveikje, Rover South and Heisenberg.
Price Performance
Shares of EQNR have outperformed the industry in the past three months. The stock has gained 10.5% compared with the industry’s 4.1% growth.
USA Compression Partners is one of the largest independent natural gas compression services providers across the United States in terms of fleet horsepower.
USA Compression Partners has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The consensus estimate for USAC’s 2023 and 2024 earnings per share is pegged at 30 cents and 55 cents, respectively.
Global Partners is a leading operator of gasoline stations and convenience stores. Over the past 30 days, GLP has witnessed upward earnings estimate revisions for 2023 and 2024, respectively.
The Zacks Consensus Estimate for Global Partners’ 2023 and 2024 earnings per share is pegged at $3.46 and $3.69, respectively. GLP currently has a Zacks Style Score of A for Value.
Evolution Petroleum is an independent energy company. EPM has a Zacks Style Score of A for Growth and B for Value.
Evolution Petroleum has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The consensus estimate for EPM’s 2023 and 2024 earnings per share is pegged at $1.11 and $1.08, respectively.
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Equinor (EQNR) Makes 9th Discovery Near Norway Fram Field
Equinor ASA (EQNR - Free Report) made a hydrocarbon discovery near the Fram field in the Norwegian North Sea, marking the ninth successful well in the area since 2019.
The discovery was made through an exploration well and an appraisal well drilled about four kilometers southeast of the Fram field. Equinor has been operating in the field since 2003.
Equinor completed the drilling of 35/11-26 S and 35/11-26 A wells at the Crino/Mulder prospect in production license 090. Equinor operates the license with a 45% interest.
The first wildcat (Crino) well, identified as 35/11-26 S, hit a thick natural gas column and a 26-meter oil column in the Heather Formation in sandstone layers totaling 33 meters with moderate to good reservoir quality.
Then again, the 35/11-26 A well encountered sandstones of moderate to good reservoir quality in the Heather Formation. Beside this, oil and gas were also found in shallower intra-Heather sandstones in both wells. The wells were drilled using Odfjell Drilling’s Deepsea Stavanger semi-submersible rig.
According to preliminary estimates, the discovery holds 9-35 million barrels of recoverable oil equivalent. Both oil and gas have been found. The latest discovery shows the potential of the highly-prolific Fram area.
Equinor will consider tie-back to other discoveries and existing infrastructure in the area. Discoveries close to the existing infrastructure are crucial to maintaining oil and gas production from the Norwegian Continental Shelf.
Equinor’s other discoveries in the area are Echino South, Swisher, Rover North, Blasto, Toppand, Kveikje, Rover South and Heisenberg.
Price Performance
Shares of EQNR have outperformed the industry in the past three months. The stock has gained 10.5% compared with the industry’s 4.1% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Equinor currently carries a Zack Rank #4 (Sell).
Some better-ranked players in the energy sector are USA Compression Partners, LP (USAC - Free Report) , currently sporting a Zacks Rank of 1 (Strong Buy), and Global Partners (GLP - Free Report) and Evolution Petroleum Corporation (EPM - Free Report) , carrying a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
USA Compression Partners is one of the largest independent natural gas compression services providers across the United States in terms of fleet horsepower.
USA Compression Partners has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The consensus estimate for USAC’s 2023 and 2024 earnings per share is pegged at 30 cents and 55 cents, respectively.
Global Partners is a leading operator of gasoline stations and convenience stores. Over the past 30 days, GLP has witnessed upward earnings estimate revisions for 2023 and 2024, respectively.
The Zacks Consensus Estimate for Global Partners’ 2023 and 2024 earnings per share is pegged at $3.46 and $3.69, respectively. GLP currently has a Zacks Style Score of A for Value.
Evolution Petroleum is an independent energy company. EPM has a Zacks Style Score of A for Growth and B for Value.
Evolution Petroleum has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The consensus estimate for EPM’s 2023 and 2024 earnings per share is pegged at $1.11 and $1.08, respectively.