New discovery of Eni in Mozambique. The Italian company has found an offshore gas field at the Agulha exploration prospect. This opens up "a new front in the southern area of Area 4 - the company says -, where Eni plans to drill three new wells during 2014".
Preliminary estimates indicate that the Agulha structure may contain between 176 and 247 billion cubic meters of gas. Eni and the Area 4 partners are completing the assessment of the discovery and planning the program for its exploitation.
The Agulha well “is the tenth drilled in Area 4, where exploration activity has achieved a 100% success rate – continues the note -. Agulha is located in 2.492 meters of water and has reached a total depth of 6.203 meters. The well, located in the southern part of Area 4 about 80 kilometers off the coast of Cabo Delgado, was drilled to verify new exploration research objectives and test the mining potential of older geological sequences than those drilled in the Mamba complex".
Agulha "encountered about 160 meters of gas and condensate mineralization in good quality Paleocene and Cretaceous reservoirs."
Eni is operator of Area 4 with an indirect stake of 50% held through Eni East Africa, which in turn owns 70% of Area 4. The other partners are Galp Energia (10%), KOGAS (10%) and Enh (10%, range in exploration phase). CNPC holds an indirect stake of 4% in Area 20 through Eni East Africa.
At the beginning of the afternoon, Eni's stock dropped 0,4%.
