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Statoil's Three-Well Exploration Campaign to Begin in UK
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Statoil ASA’s three-well exploration drilling campaign is set for initiation on the U.K. continental shelf.
The first well of the campaign is expected to be spud by Transocean Ltd.’s (RIG - Free Report) Transocean Spitsbergen semi-submersible rig in early July.
The drilling campaign, which includes rigorous procedures, is anticipated to last for about 2–3 months. Mariner Segment 9, which is the first well, has the possibility to confirm additional resources and boost the extent of the Mariner field.
Partners of Segment 9 include Statoil holding 65.1111%, JX Nippon with 20%, Siccar Point Energy holding 8.889% and Dyas which holds 6%.
On completion of the well, which is projected to take between 15–25 days, the rig will be transferred to Jock Scott, a prospect on the underexplored margins of the Viking Graben. The well is expected to be completed in 20–40 days.
Statoil and BP Exploration Operating Company are partners in Jock Scott, holding 75% and 25%, respectively.
The Verbier opportunity in the Moray Firth area will be the last well of the campaign. The well is deemed to take 30–70 days to complete.
Verbier partners include Statoil, Jersey Oil and Gas, and CIECO Exploration and Production (U.K.), holding 70%, 18% and 12%, respectively.
Statoil’s endeavors to improve resources recovery in mature fields are commendable. The company has operations in all major hydrocarbon-producing regions of the world, with an emphasis on the Norwegian Continental Shelf (NCS). We believe that Statoil is well positioned to sustain its steady production growth over the next few years on the back of its large resource base at NCS.
Shares of the company have lost 11.2% in the last six months while the Zacks categorized Oil & Gas – International Integrated industry has declined 7.5%.
Statoil currently has a Zacks Rank #5 (Strong Sell). Some better-ranked stocks in the same space include Delek US Holdings, Inc. (DK - Free Report) and Canadian Natural Resources Limited Ltd. (CNQ - Free Report) . Both the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Delek US Holdings delivered a positive earnings surprise of 148.48% in the preceding quarter. The company beat estimates in each of the trailing four quarters, with an average positive earnings surprise of 60.68%.
Cheniere Energy delivered a positive earnings surprise of 162.16% in the preceding quarter. The company beat estimates in one of the trailing three quarters, with an average positive earnings surprise of 14%.
Canadian Natural Resources delivered a positive earnings surprise of 30.77% in the preceding quarter. It surpassed estimates in two of the trailing four quarters, with an average negative earnings surprise of 275.46%.
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Statoil's Three-Well Exploration Campaign to Begin in UK
Statoil ASA’s three-well exploration drilling campaign is set for initiation on the U.K. continental shelf.
The first well of the campaign is expected to be spud by Transocean Ltd.’s (RIG - Free Report) Transocean Spitsbergen semi-submersible rig in early July.
The drilling campaign, which includes rigorous procedures, is anticipated to last for about 2–3 months. Mariner Segment 9, which is the first well, has the possibility to confirm additional resources and boost the extent of the Mariner field.
Partners of Segment 9 include Statoil holding 65.1111%, JX Nippon with 20%, Siccar Point Energy holding 8.889% and Dyas which holds 6%.
On completion of the well, which is projected to take between 15–25 days, the rig will be transferred to Jock Scott, a prospect on the underexplored margins of the Viking Graben. The well is expected to be completed in 20–40 days.
Statoil and BP Exploration Operating Company are partners in Jock Scott, holding 75% and 25%, respectively.
The Verbier opportunity in the Moray Firth area will be the last well of the campaign. The well is deemed to take 30–70 days to complete.
Verbier partners include Statoil, Jersey Oil and Gas, and CIECO Exploration and Production (U.K.), holding 70%, 18% and 12%, respectively.
Statoil’s endeavors to improve resources recovery in mature fields are commendable. The company has operations in all major hydrocarbon-producing regions of the world, with an emphasis on the Norwegian Continental Shelf (NCS). We believe that Statoil is well positioned to sustain its steady production growth over the next few years on the back of its large resource base at NCS.
Shares of the company have lost 11.2% in the last six months while the Zacks categorized Oil & Gas – International Integrated industry has declined 7.5%.
Statoil currently has a Zacks Rank #5 (Strong Sell). Some better-ranked stocks in the same space include Delek US Holdings, Inc. (DK - Free Report) and Canadian Natural Resources Limited Ltd. (CNQ - Free Report) . Both the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Delek US Holdings delivered a positive earnings surprise of 148.48% in the preceding quarter. The company beat estimates in each of the trailing four quarters, with an average positive earnings surprise of 60.68%.
Cheniere Energy delivered a positive earnings surprise of 162.16% in the preceding quarter. The company beat estimates in one of the trailing three quarters, with an average positive earnings surprise of 14%.
Canadian Natural Resources delivered a positive earnings surprise of 30.77% in the preceding quarter. It surpassed estimates in two of the trailing four quarters, with an average negative earnings surprise of 275.46%.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation. See Them Free>>