17th Feb 2020 08:36
(Alliance News) - Italian oil and gas firm Eni SpA said Monday it has made a new oil discovery on the Saasken exploration prospect in Block 10, located in Cuenca Salina in the Sureste basin, offshore Mexico.
London-listed Cairn Energy PLC - which holds a 15% working interest in the block, noted Eni's announcement.
According to preliminary estimates, the new discovery is expected to contain between 200 and 300 million barrels of oil in place.
The discovery was made through the Saasken-1 NFW well is the sixth consecutive well drilled by Eni in the Sureste basin, located 65 kilometres off the coast, and drilled to a total depth 3,830 metres.
The Saasken-1 well discovered 80 metres of net pay of good quality oil in the Lower Pilocene and Upper Miocene sequences. Data collection have been carried out on the well and indicates a production capacity for the well of 10,000 barrels of oil per day.
Eni is currently producing around 15,000 barrels of oil equivalent per day, and expects to reach a plateau of 100,000 boepd in the first half of 2021.
Shares in Eni - which is based in Rome - were up 0.7% at EUR12.99 on Monday in Milan. Cairn Energy's shares were up 5.4% at 188.19 pence in London.
By Dayo Laniyan; [email protected]
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