We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Eni Discovers Light Oil the Second Time in South West Meleiha
Read MoreHide Full Article
Eni SpA (E - Free Report) hit light oil on the B1-X exploration prospect located in South West Meleiha license, in the Egyptian Western Desert, about 130 kilometer north of the oasis of Siwa. This marks the second light oil find in the prospect.
Eni drilled the second well — SWM B1-X — to examine the deep geological sequences of the Faghur Basin. Drilled seven kilometer away from the first discovery (SWM A2-X), SWM B1-X reached a total depth of 4,523 meters. The second well stumbled upon 35 meters net of light oil in the Paleozoic sandstones of Dessouky Formation of Carboniferous age and in the Alam El Bueib sandstones of Cretaceous Age.
The well, opened to production in the Dessouky sandstones, delivered 5,130 barrels of oil per day (BOPD) of light oil (37° API) with low associated gas.
The discovery established high exploration and production potential of the Faghur Basin. In the short term, Eni intends to merge the drilling of other exploratory prospects located close to the A2-X and B-1X discoveries to form a productive area in Egypt.
The production is anticipated to be transferred to the already existing infrastructures and delivered to El Hamra Terminal via existing pipelines, once Ministry of Petroleum and Mineral Resources approves the development plan.
Eni wholly own the South West Meleiha license, through its subsidiary — International Egyptian Oil Company (“IEOC”). Through its Operating Company Agiba, which is held equally by IEOC and the Egyptian General Petroleum Corporation (EGPC), the subsidiary currently yields 55,000 barrels of oil equivalent per day from the Egyptian Western Desert.
Eni’s presence in Egypt dates back to 1954. The company is a leading producer with a daily yield of about 300,000 barrels of oil equivalent. This production is estimated to grow further within the year, owing to the ramp up of Zohr field.
Price Performance
In the past three months, Eni’s shares have gained 2.8% compared with the industry’s rise of 4.1%.
Zacks Rank & Stocks to Consider
Eni currently carries a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Occidental Petroleum Corporation (OXY - Free Report) , China Petroleum &Chemical Corporation or Sinopec, and CVR Refining, LP . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Occidental Petroleum is an international oil and gas exploration, and production company. It pulled off an average positive earnings surprise of 30.2% in the last four quarters.
Sinopec is one of the largest petroleum and petrochemical companies in Asia. The company delivered an average positive earnings surprise of 492.8% in the trailing four quarters.
Sugar Land, TX-based CVR Refining is an independent downstream energy partnership, with refining and associated logistics properties in the Midcontinent United States. The company delivered an average positive earnings surprise of 7.05% in the last four quarters.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
Image: Bigstock
Eni Discovers Light Oil the Second Time in South West Meleiha
Eni SpA (E - Free Report) hit light oil on the B1-X exploration prospect located in South West Meleiha license, in the Egyptian Western Desert, about 130 kilometer north of the oasis of Siwa. This marks the second light oil find in the prospect.
Eni drilled the second well — SWM B1-X — to examine the deep geological sequences of the Faghur Basin. Drilled seven kilometer away from the first discovery (SWM A2-X), SWM B1-X reached a total depth of 4,523 meters. The second well stumbled upon 35 meters net of light oil in the Paleozoic sandstones of Dessouky Formation of Carboniferous age and in the Alam El Bueib sandstones of Cretaceous Age.
The well, opened to production in the Dessouky sandstones, delivered 5,130 barrels of oil per day (BOPD) of light oil (37° API) with low associated gas.
The discovery established high exploration and production potential of the Faghur Basin. In the short term, Eni intends to merge the drilling of other exploratory prospects located close to the A2-X and B-1X discoveries to form a productive area in Egypt.
The production is anticipated to be transferred to the already existing infrastructures and delivered to El Hamra Terminal via existing pipelines, once Ministry of Petroleum and Mineral Resources approves the development plan.
Eni wholly own the South West Meleiha license, through its subsidiary — International Egyptian Oil Company (“IEOC”). Through its Operating Company Agiba, which is held equally by IEOC and the Egyptian General Petroleum Corporation (EGPC), the subsidiary currently yields 55,000 barrels of oil equivalent per day from the Egyptian Western Desert.
Eni’s presence in Egypt dates back to 1954. The company is a leading producer with a daily yield of about 300,000 barrels of oil equivalent. This production is estimated to grow further within the year, owing to the ramp up of Zohr field.
Price Performance
In the past three months, Eni’s shares have gained 2.8% compared with the industry’s rise of 4.1%.
Zacks Rank & Stocks to Consider
Eni currently carries a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Occidental Petroleum Corporation (OXY - Free Report) , China Petroleum &Chemical Corporation or Sinopec, and CVR Refining, LP . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Occidental Petroleum is an international oil and gas exploration, and production company. It pulled off an average positive earnings surprise of 30.2% in the last four quarters.
Sinopec is one of the largest petroleum and petrochemical companies in Asia. The company delivered an average positive earnings surprise of 492.8% in the trailing four quarters.
Sugar Land, TX-based CVR Refining is an independent downstream energy partnership, with refining and associated logistics properties in the Midcontinent United States. The company delivered an average positive earnings surprise of 7.05% in the last four quarters.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>