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Eni (E) Strikes Premium Oil in Afoxe-1 NFW Well Off Angola

Eni SpA E announced the discovery of new oil at the Afoxé exploration prospect, located off the coast of Angola. The company estimates findings in the prospect to comprise light crude between 170 and 200 million barrels.  

The integrated energy company drilled the Afoxé-1 NFW well to a total depth of 1,723 meters. Eni added that the well contains premium quality crude with net oil pay of 20 meters.

The new findings have established that the prospect for exploring crude oil in the Block 15/06’s southern portion is robust. This also convinced the company to decide on drilling, through 2019, four new exploration wells in the block — earlier thought to hold mainly natural gas.

In a separate announcement, the company declared the commencement of oil production from Vandumbu field, also located in Block 15/06. Notably, the field generated first oilin late November. The company added that West Hub N’Goma floating production, storage and offloading unit (FPSO) has been employed for the field’s activities.

The company also said that through the FPSO unit, daily oil production from the block is rising by 20,000 barrels, thanks to crude production from Vandumbu field and commencement of activities by subsea multiphase boosting system (SMBS).

Eni SpA Price


Eni SpA Price | Eni SpA Quote

Headquartered in Rome, Italy, Eni currently sports aZacks Rank #1 (Strong Buy). Other prospective stocks in the energy space include TC PipeLines, LP TCP, Cabot Oil & Gas Corporation COG and Unit Corporation UNT. All the stocks sport a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.  

TC PipeLines beat the Zacks Consensus Estimate in three of the last four quarters, the average positive earnings surprise being 15.6%.

Cabot will likely post earnings growth of 113.2% and 59.9% through 2018 and 2019, respectively.

Unit Corporation surpassed the Zacks Consensus Estimate in three of the last four quarters, the average positive earnings surprise being 21.3%.

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