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Eni Announces Discovery of Gas & Condensates Offshore Libya
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Eni SpA (E - Free Report) recently announced the discovery of gas and condensates offshore Libya.
The discovery, made through well B1 16/3, is located in the ‘Gamma Prospect’ of Contract Area D, 140 kilometer offshore Tripoli, Libya.
The well was drilled in 150 meters of water depth to a total depth of 2,981 meters (9,780 feet). The well encountered gas and condensates in the Metlaoui Group of Eocene age.
The well is capable of delivering, in production configuration, over 7,000 barrels of oil equivalent per day (Boepd). We note that this is an additional discovery by Eni in Libyan offshore Area D after the ones made in 2015.
The drilling of the Gamma prospect is in line with Eni’s “near field” exploration strategy. The endeavor targets opportunities to exploit synergies with existing infrastructures, decreasing the time to market and deliver additional gas to the local market and for export.
Eni, through its subsidiary Eni North Africa BV, is the operator of Contract Area D with a 100% working interest in the exploration phase. Eni’s presence in Libya dates back to 1959. Currently, Eni produces 350,000 Boepd in equity in the country.
Investor confidence on the Eni stock is reflected in its price chart. Shares of the company lost 0.6% in the last three months, while the Zacks categorized Oil & Gas – International Integratedindustry registered a decline of 4% 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 Announces Discovery of Gas & Condensates Offshore Libya
Eni SpA (E - Free Report) recently announced the discovery of gas and condensates offshore Libya.
The discovery, made through well B1 16/3, is located in the ‘Gamma Prospect’ of Contract Area D, 140 kilometer offshore Tripoli, Libya.
The well was drilled in 150 meters of water depth to a total depth of 2,981 meters (9,780 feet). The well encountered gas and condensates in the Metlaoui Group of Eocene age.
The well is capable of delivering, in production configuration, over 7,000 barrels of oil equivalent per day (Boepd). We note that this is an additional discovery by Eni in Libyan offshore Area D after the ones made in 2015.
The drilling of the Gamma prospect is in line with Eni’s “near field” exploration strategy. The endeavor targets opportunities to exploit synergies with existing infrastructures, decreasing the time to market and deliver additional gas to the local market and for export.
Eni, through its subsidiary Eni North Africa BV, is the operator of Contract Area D with a 100% working interest in the exploration phase. Eni’s presence in Libya dates back to 1959. Currently, Eni produces 350,000 Boepd in equity in the country.
Investor confidence on the Eni stock is reflected in its price chart. Shares of the company lost 0.6% in the last three months, while the Zacks categorized Oil & Gas – International Integratedindustry registered a decline of 4% 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%.
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 >>