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Repsol Signs Farm-in-Agreement with Energean Oil & Gas
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Spanish oil giant Repsol, S.A. (REPYY - Free Report) recently inked a farm-in-agreement with Greece-based private oil explorer Energean Oil & Gas S.A. The move will help Repsol to farm into a 60% interest in two onshore tracts in Western Greece, Ioannina and Aitoloakarnania and attain operatorship of the same. The company also intends to acquire 2D seismic surveys over the two onshore blocks over the period of 2017–2019. The deal is subject to approval of the government of Greece.
The two blocks, covering 8,547 square kilometers are part of Hellinide fold belt, in which around 10 billion barrels of oil and 30 trillion cubic feet of gas have been discovered. The blocks being priority exploration targets of Energean Oil & Gas are strategically important for the oil and gas sector of Greece. The deal will further boost Greece’s energy sector by the inclusion of Repsol’s expertise.
Zacks Ranks & Other Stocks to Consider
Repsol explores, develops and produces crude oil products and natural gas. The company refines petroleum and transports liquefied petroleum gas and its associated products. In addition, the company produces a variety of petrochemicals and markets petroleum products, petroleum derivatives, LPG and natural gas. The company currently carries a Zacks Rank #2 (Buy).
The company outperformed the Zacks categorized Oil and Gas Integrated International industry over the prior three months. During the period, while shares of Repsol rallied 6.4%, the broader industry declined 6%.
Antero Resources reported positive earnings surprise in each of the preceding four quarters, the average being 239.10%.
Pioneer Natural Resources is expected to deliver year-over-year growth of 1118.6% in its earnings in 2017.
Penn Virginia Corporation posted positive average earnings surprise of 36.7% in the trailing four quarters.
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Repsol Signs Farm-in-Agreement with Energean Oil & Gas
Spanish oil giant Repsol, S.A. (REPYY - Free Report) recently inked a farm-in-agreement with Greece-based private oil explorer Energean Oil & Gas S.A. The move will help Repsol to farm into a 60% interest in two onshore tracts in Western Greece, Ioannina and Aitoloakarnania and attain operatorship of the same. The company also intends to acquire 2D seismic surveys over the two onshore blocks over the period of 2017–2019. The deal is subject to approval of the government of Greece.
The two blocks, covering 8,547 square kilometers are part of Hellinide fold belt, in which around 10 billion barrels of oil and 30 trillion cubic feet of gas have been discovered. The blocks being priority exploration targets of Energean Oil & Gas are strategically important for the oil and gas sector of Greece. The deal will further boost Greece’s energy sector by the inclusion of Repsol’s expertise.
Zacks Ranks & Other Stocks to Consider
Repsol explores, develops and produces crude oil products and natural gas. The company refines petroleum and transports liquefied petroleum gas and its associated products. In addition, the company produces a variety of petrochemicals and markets petroleum products, petroleum derivatives, LPG and natural gas. The company currently carries a Zacks Rank #2 (Buy).
The company outperformed the Zacks categorized Oil and Gas Integrated International industry over the prior three months. During the period, while shares of Repsol rallied 6.4%, the broader industry declined 6%.
Other favorably placed stocks in the broader industry include Antero Resources Corporation (AR - Free Report) , Pioneer Natural Resources Company (PXD - Free Report) and Penn Virginia Corporation . All the three companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Antero Resources reported positive earnings surprise in each of the preceding four quarters, the average being 239.10%.
Pioneer Natural Resources is expected to deliver year-over-year growth of 1118.6% in its earnings in 2017.
Penn Virginia Corporation posted positive average earnings surprise of 36.7% in the trailing four quarters.
Zacks’ Best Private Investment Ideas
In addition to the recommendations that are available to the public on our website, how would you like to follow all Zacks' private buys and sells in real time? Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Starting today, for the next month, you can have unrestricted access. Click here for Zacks' private trades >>