The Italian oil & gas company Eni has successfully drilled and tested a well in the East Sepinggan block, offshore Kalimantan, Indonesia. The oil giant has been operating in Indonesia for almost 18 years now and has an overall wide portfolio of assets in exploration, production, and development. Based on data from Top Italian broker TradeFW, Eni’s latest success, and future plans indicate that Eni will be one of the hottest Eurozone stocks in 2019.
The offshore Indonesia discovery – a boost for the Eni stock
The discovery marks the company’s third consecutive successful find in the country. The well has been drilled to a depth of 3,400 m (11,155 ft) MD in 1,592 m (5,223 ft) of water depth and encountered 15 m (49 ft) of gas bearing net sands in two separate levels of Miocene Age. According to data recorded from the production test, in production configuration, the well can deliver 70 MMscf/d of gas and 1,000 b/d of associated condensates. Given the proximity of the discovery which is in line with the company’s near field exploration, the costs and time of execution will be substantially reduced.