Eni is up on the Milan Stock Exchange and moves against the trend of the Ftse Mib index. The oil rise and the announcement of listing of Var Energy on 16 February they push the shares which in mid-morning are up by 1,3% to 13,45 euros.
The Texan WTI reached its highest since autumn 2014 at 91 dollars but according to analysts it is destined to continue its run. The rise comes after a period of high volatility for the Eni stock, also in consideration of the collapse of Saipem of which the group is the largest shareholder with over 30% ahead of CDP. Just in the morning on Friday a Saipem Board of Directors was announced during which Eni and CDP seem willing to get back to governance, appointing two managers to work alongside CEO Francesco Caio.
Before the opening of trading on the Stock Exchange, Eni and HitecVision decided to launch the'Ipo on Var Energi with listing of the shares on the Oslo Stock Exchange on 16 February. Var Energi shares will be offered for sale with a fork in price between 28,00 and 31,50 Norwegian kroner per share, corresponding to an equity value of Var Energi between 70 and 79 billion kroner. Eni will maintain the majority stake and will thus retain the possibility of consolidating Tar Energy at equity. Currently Eni, through Eni International BV, and HitecVision, through Point Resources Holding, own respectively 69,85% and 30,15% of Var Energi AS.
At the same time, Var Energi also announced an update to the 2022 dividend policy. In late 2021, the company targeted a minimum 2022 dividend of $700 million and a $200 million dividend for Q2022 800. Taking into account “current market conditions and the perspective of a continuation of the favorable scenario with respect to commodity prices, as well as the generation of Var Energi's cash flow”, the company changed its dividend guidance upwards, raising the respective targets to 225 and XNUMX million dollars.
Finally, the announcement on the start of drilling operations in Block 2 in the offshore of Abu Dhabi. The well - announced Eni - in the exploration phase has a volume of 1.5-2 trillion cubic feet of raw gas in place. Equita's evaluation was positive in this regard.
