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Eni Wins Twin Exploration Block License in Offshore Cyprus
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Eni SpA (E - Free Report) recently gained two exploration blocks offshore Cyprus, in the competitive international bid round “3rd Licensing Round.” We expect these developments to result in stock price appreciation. Year to date, the stock has gained 6.9%, while the Zacks categorized sub industry Oil & Gas- International Integrated Market has increased by 19%. Eni will be the operator of Block 6 with 50% interest, while the balance will be held by partner, Total SA . Eni will acquire a 100% stake in Block 8.
Eni’s successfully explored areas in the neighboring Egyptian offshore, including the Zohr massive gas field, which have geological similarities with these newly awarded areas.
These recent awards further strengthen Eni’s strategic position in the area. Notably, the company was awarded the blocks 9, 3 and 2 in the 2nd international bid round in 2012. The company also holds three exploration blocks on the Egyptian side – Shorouk (where the Zohr field is located), Karawan and North Leil. Eni holds 50% stake and 100% stake in Karawan and North Leil, respectively.
Eni will capitalize on the synergies of assets that are already in its portfolio, thereby buying time to market and lower costs. Per Eni’s CEO, these assignments establish the effectiveness of the company’s exploration strategy to keep procuring substantial shares and use the knowledge base developed from the intense activity associated with the Zohr field. It is another step toward a possible future definition of a powerful hub for natural gas in the Eastern Mediterranean, which could play a key role in the future energy security of the area as well as Europe’s.
Eni’s has been enjoying a strong foothold in Cyprus since 2013, where it holds and operates the offshore exploration blocks 2, 3 and 9.
SunCoke Energy posted a positive earnings surprise of 177.78% in the last reported quarter. It reported a positive earnings surprise in three of the four preceding quarters.
Futurefuel Corp. posted a positive earnings surprise of 20.83% in the last reported quarter. It reported a positive earnings surprise in all of the last four quarters.
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Eni Wins Twin Exploration Block License in Offshore Cyprus
Eni SpA (E - Free Report) recently gained two exploration blocks offshore Cyprus, in the competitive international bid round “3rd Licensing Round.” We expect these developments to result in stock price appreciation. Year to date, the stock has gained 6.9%, while the Zacks categorized sub industry Oil & Gas- International Integrated Market has increased by 19%.
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Eni will be the operator of Block 6 with 50% interest, while the balance will be held by partner, Total SA . Eni will acquire a 100% stake in Block 8.
Eni’s successfully explored areas in the neighboring Egyptian offshore, including the Zohr massive gas field, which have geological similarities with these newly awarded areas.
These recent awards further strengthen Eni’s strategic position in the area. Notably, the company was awarded the blocks 9, 3 and 2 in the 2nd international bid round in 2012. The company also holds three exploration blocks on the Egyptian side – Shorouk (where the Zohr field is located), Karawan and North Leil. Eni holds 50% stake and 100% stake in Karawan and North Leil, respectively.
Eni will capitalize on the synergies of assets that are already in its portfolio, thereby buying time to market and lower costs. Per Eni’s CEO, these assignments establish the effectiveness of the company’s exploration strategy to keep procuring substantial shares and use the knowledge base developed from the intense activity associated with the Zohr field. It is another step toward a possible future definition of a powerful hub for natural gas in the Eastern Mediterranean, which could play a key role in the future energy security of the area as well as Europe’s.
Eni’s has been enjoying a strong foothold in Cyprus since 2013, where it holds and operates the offshore exploration blocks 2, 3 and 9.
Eni currently has a Zacks Rank #2 (Buy). Other well-ranked players in the same sector include SunCoke Energy Inc. (SXC - Free Report) and Futurefuel Corp. (FF - Free Report) . Both these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SunCoke Energy posted a positive earnings surprise of 177.78% in the last reported quarter. It reported a positive earnings surprise in three of the four preceding quarters.
Futurefuel Corp. posted a positive earnings surprise of 20.83% in the last reported quarter. It reported a positive earnings surprise in all of the last four quarters.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?
Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Be among the very first to see them >>