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Eni Successfully Drills Fifth Well Zohr 5x on Zohr Structure

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EniSpA (E - Free Report) reported that the fifth well on Zohr structure, Zohr 5x, has been successfully drilled to the final TD of 14,271 feet (4,350 meters).

Located at water depth of 1,538 meters, Zohr 5x lies 12 kilometers south west of the discovery well, Zohr 1x. The well established the presence of a carbonatic reservoir in the South-Western part of the Zohr mega-structure. Gas accumulation was also proven to be reaching about 590 feet (180 meters) of continuous hydrocarbon column in the carbonate sequence with excellent reservoir characteristics. The results validate the potential of the Zohr Field at 30 trillion cubic feet (Tcf) OGIP.

The successful testing of the well also opened up 90 meters of reservoir section to production. The data collected during the test established the superior deliverability of the Zohr reservoir. This is in line with the Zohr 2 well test, producing over 50 million standard cubic feet per day (mmscfd), restricted only by the constraints of the drilling ship production facilities.

In the production configuration, the well is projected to deliver about 250 mmscfd. The drilling campaign on Zohr is expected to continue in 2016 with the drilling of the sixth well that will enable the accelerated start up production rate of 1 bcf per day. The steady progress being made on the project confirms the forecast that the schedule will reach the first gas by 2017 end.   

Eni, through its subsidiary IEOC Production B.V., holds a 100% stake in the Shorouk Block.  Petrobel is the operator on behalf of the Petroshoroukcompany, an equal joint venture between IEOC and the state company, Egyptian Natural Gas Holding Company (EGAS)
 

Eni’s presence in Egypt dates back to 1954 where it operates through IEOC Production BV. In 2015, the equity production in the country was about 200 thousand barrels of oil equivalent per day.

Eni currently carries a Zacks Rank #3 (Hold). Some better-ranked players from the energy sector are Devon Energy Corporation (DVN - Free Report) , NGL Energy Partners LP (NGL - Free Report) and Enviva Partners L.P. (EVA - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy).

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