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Eni Expands in Mexico, Drills Amoca-2 Well in Campeche Bay
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Eni SpA (E - Free Report) recently announced that it has drilled the first well – Amoca-2 – in the shallow waters of Campeche Bay, offshore Mexico. Notably, Eni is the first energy major to have drilled a well in the region since the 2013 Energy Reform.
Although the well is expected to hold more resources than estimated earlier and indicates presence of oil in multiple reservoirs, more reserves are still being evaluated.
Amoca-2 is located in the Contractual Area 1, approximately 200 kilometers west of Ciudad del Carmen, in the Campeche Bay. The well lies in 25 meters of water.
The well has been drilled to a total depth of about 3,500 meters and has come across 110 meters of net oil pay from several good quality Pliocene reservoir sandstones. Of these, 65 meters were in a deeper, previously undrilled horizon. The well demonstrated the presence of 18° API oil in the shallower formations, while the newly discovered deeper sandstones contain high quality light oil.
The Area 1 drilling campaign will continue with a new well in the Amoca area (Amoca-3), followed by the Miztón-2 and Tecoalli-2 delineation wells. The well will be spud in 2017 to evaluate existing discoveries and target new undrilled pools.
Eni has a stake of 100% in the Area 1 Production Sharing Agreement and is already appraising options for a fast track phased development of the fields.
Eni has been present in Mexico since 2006 and has a representative office in the region. Its wholly owned subsidiary, Eni México, was created in late 2015.
The latest discovery emphasizes Eni’s commitment to its Dual Exploration Model. This find further diversifies the company’s portfolio and highlights its exploration capability.
Investor confidence on Eni's stock is reflected in its price chart. Shares of the company appreciated 0.9% in the last three months, while the Zacks categorized Oil & Gas – International Integrated industry lost 6.1% in the same time span.
Currently, Eni carries a Zacks Rank #3 (Hold). Some better-ranked players in the same space include Energy Transfer Equity, L.P. , Crescent Point Energy Corp. (CPG - Free Report) and Cenovus Energy Inc. (CVE - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Energy Transfer Equity posted a negative earnings surprise of 16.00% in the preceding quarter. It had an average negative earnings surprise of 9.62% in the four trailing quarters.
Crescent Point Energy posted a positive earnings surprise of 244.44% in the preceding quarter. It beat estimates in all the four trailing quarters with an average positive earnings surprise of 127.16%.
Cenovus Energy posted a positive earnings surprise of 583.33% in the preceding quarter. It beat estimates in two of the four trailing quarters with an average positive earnings surprise of 74.89%.
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Eni Expands in Mexico, Drills Amoca-2 Well in Campeche Bay
Eni SpA (E - Free Report) recently announced that it has drilled the first well – Amoca-2 – in the shallow waters of Campeche Bay, offshore Mexico. Notably, Eni is the first energy major to have drilled a well in the region since the 2013 Energy Reform.
Although the well is expected to hold more resources than estimated earlier and indicates presence of oil in multiple reservoirs, more reserves are still being evaluated.
Amoca-2 is located in the Contractual Area 1, approximately 200 kilometers west of Ciudad del Carmen, in the Campeche Bay. The well lies in 25 meters of water.
The well has been drilled to a total depth of about 3,500 meters and has come across 110 meters of net oil pay from several good quality Pliocene reservoir sandstones. Of these, 65 meters were in a deeper, previously undrilled horizon. The well demonstrated the presence of 18° API oil in the shallower formations, while the newly discovered deeper sandstones contain high quality light oil.
The Area 1 drilling campaign will continue with a new well in the Amoca area (Amoca-3), followed by the Miztón-2 and Tecoalli-2 delineation wells. The well will be spud in 2017 to evaluate existing discoveries and target new undrilled pools.
Eni has a stake of 100% in the Area 1 Production Sharing Agreement and is already appraising options for a fast track phased development of the fields.
Eni has been present in Mexico since 2006 and has a representative office in the region. Its wholly owned subsidiary, Eni México, was created in late 2015.
The latest discovery emphasizes Eni’s commitment to its Dual Exploration Model. This find further diversifies the company’s portfolio and highlights its exploration capability.
Investor confidence on Eni's stock is reflected in its price chart. Shares of the company appreciated 0.9% in the last three months, while the Zacks categorized Oil & Gas – International Integrated industry lost 6.1% in the same time span.
Currently, Eni carries a Zacks Rank #3 (Hold). Some better-ranked players in the same space include Energy Transfer Equity, L.P. , Crescent Point Energy Corp. (CPG - Free Report) and Cenovus Energy Inc. (CVE - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Energy Transfer Equity posted a negative earnings surprise of 16.00% in the preceding quarter. It had an average negative earnings surprise of 9.62% in the four trailing quarters.
Crescent Point Energy posted a positive earnings surprise of 244.44% in the preceding quarter. It beat estimates in all the four trailing quarters with an average positive earnings surprise of 127.16%.
Cenovus Energy posted a positive earnings surprise of 583.33% in the preceding quarter. It beat estimates in two of the four trailing quarters with an average positive earnings surprise of 74.89%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020. Click here for the 6 trades >>