Eni adds to deepwater Mozambique gas reserves

Eni (MI:ENI;NYSE:E) has a new gas discovery offshore Mozambique at the Coral 1 well in Area 4.

Offshore staff

MILAN, Italy– Eni (MI:ENI;NYSE:E) has a new gas discovery offshore Mozambique at the Coral 1 well in Area 4.This find holds an estimated 7-10 tcf, says Eni. Combined with previous discoveries in Area 4, its reserves are in the 15-20 tcf range, and total Area 4 reserves now reach 47-52 tcf.

The discovery well encountered 75 m (246 ft.) of gas pay in single high-quality Eocene sand. Coral 1 is 65 km (40 mi) off theCapo Delgado coast in a water depth of 2,261 m (7,418 ft.) and reaches TD of 4,869 m (15,974 ft.). The well was drilled 26 km (16 mi) southeast of the Mamba South 1 discovery.

Eni plans to drill at least five more wells to fully establish the potential of Area 4.

Eni is the operator of Area 4 with a 70% participating interest. Co-owners in the area are Galp Energia (10%), KOGAS (10%), and ENH (10%, carried through the exploration phase).

5/16/2012

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