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Eni Completes Farms-in Deal with Total for Block 11, Cyprus
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Eni SpA (E - Free Report) has concluded a farm-in agreement with Total SA to purchase a participating interest of 50% of Block 11, offshore Cyprus.
Total will retain the operatorship of the block. The agreement has been approved by the Council of Ministers of the Republic of Cyprus. Through this deal, Eni gained the right to explore an area of 2,215 square kilometers adjacent to the massive Zohr discovery in the Egyptian offshore.
The Republic of Cyprus had given the rights on Block 11 to Total in 2013 at the end of the second international bid round held by the country. The exploration well is anticipated to be drilled in the Block within 2017.
We note that this transaction has further strengthened Eni’s position in the country. The agreement is part of Eni’s strategy to grow its exploration portfolio in the strategic area of Eastern Mediterranean Sea.
Eni forayed into Cyprus in 2013 and has been operation in the nation through its subsidiary, Eni Cyprus Ltd., since. The company holds exploration rights on Blocks 9, 3, 2 awarded in the second round. Eni, the operator of Blocks 9, 3, 2, holds 80%, while Kogas holds the remaining 20%. Eni has also been selected, in the third competitive bid round, as the preferred bidder for Block 6 (where it operates with a stake of 50%, while Total holds the remaining 50%), and Block 8 (which Eni solely operates with 100% interest).
As indicated by Eni’s price chart, the prospects of the company look bright. The stock gained 5.6%, while the Zacks categorized sub industry Oil & Gas-International Integrated Market has registered 1.4% decrease in the last three months.
Eni carries a Zacks Rank #3 (Hold). Some better-ranked players in the same space include Range Resources Corp. (RRC - Free Report) and Unit Corporation . Both these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Range Resources posted a negative earnings surprise of 925.00% in the preceding quarter. It had an average negative earnings surprise of 216.81% in the four trailing quarters.
Unit Corporation posted a positive earnings surprise of 228.57% in the preceding quarter. It beat estimates in three of the four trailing quarters with an average positive earnings surprise of 100.63%.
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Eni Completes Farms-in Deal with Total for Block 11, Cyprus
Eni SpA (E - Free Report) has concluded a farm-in agreement with Total SA to purchase a participating interest of 50% of Block 11, offshore Cyprus.
Total will retain the operatorship of the block. The agreement has been approved by the Council of Ministers of the Republic of Cyprus. Through this deal, Eni gained the right to explore an area of 2,215 square kilometers adjacent to the massive Zohr discovery in the Egyptian offshore.
The Republic of Cyprus had given the rights on Block 11 to Total in 2013 at the end of the second international bid round held by the country. The exploration well is anticipated to be drilled in the Block within 2017.
We note that this transaction has further strengthened Eni’s position in the country. The agreement is part of Eni’s strategy to grow its exploration portfolio in the strategic area of Eastern Mediterranean Sea.
Eni forayed into Cyprus in 2013 and has been operation in the nation through its subsidiary, Eni Cyprus Ltd., since. The company holds exploration rights on Blocks 9, 3, 2 awarded in the second round. Eni, the operator of Blocks 9, 3, 2, holds 80%, while Kogas holds the remaining 20%. Eni has also been selected, in the third competitive bid round, as the preferred bidder for Block 6 (where it operates with a stake of 50%, while Total holds the remaining 50%), and Block 8 (which Eni solely operates with 100% interest).
As indicated by Eni’s price chart, the prospects of the company look bright. The stock gained 5.6%, while the Zacks categorized sub industry Oil & Gas-International Integrated Market has registered 1.4% decrease in the last three months.
Eni carries a Zacks Rank #3 (Hold). Some better-ranked players in the same space include Range Resources Corp. (RRC - Free Report) and Unit Corporation . Both these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Range Resources posted a negative earnings surprise of 925.00% in the preceding quarter. It had an average negative earnings surprise of 216.81% in the four trailing quarters.
Unit Corporation posted a positive earnings surprise of 228.57% in the preceding quarter. It beat estimates in three of the four trailing quarters with an average positive earnings surprise of 100.63%.
8 Stocks with Huge Profit Potential
Just released: Driverless Cars: Your Roadmap to Mega-Profits Today. In this latest Special Report, Zacks’ Aggressive Growth Strategist Brian Bolan explores a full-blown technological breakthrough in the making – autonomous cars. He also spotlights 8 stocks with tremendous gain potential to feed off this phenomenon. Click to see the stocks right now >>