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4-Traders Homepage  >  Equities  >  Italian Stock Exchange  >  Eni    ENI   IT0003132476

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Eni SpA : Eni awarded new exploration area in the Timor Sea

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04/15/2013 | 10:43am CEST

The PSC foresees the commitment to drill two exploration wells during the first two years and separate options for the drilling of two contingent wells.

SanDonatoMilanese (Milan), 13 April 2013- Eni has been awarded a new exploration Production Sharing Contract ("PSC') covering an area of 662 sqkm adjacent to the offshore Kitan field, in the Timor Sea.

The PSC foresees the commitment to drill two exploration wells during the first two years and separate options for the drilling of two contingent wells. The contract area lies within the Joint Petroleum Development Area ("JPDA'), which is administered by both Australia and Timor-Leste. The area has an average water depth of 350m.In the JPDA, Eni has identified a number of oil prospects which could be taken advantage of in conjunction with the nearby producing Kitan field, in the case of any discoveries.

The Kitan field, which is operated by Eni, started production in October 2011, only three and a half years after the declaration of a commercial discovery. The field reached a peak production rate of 45,000 barrels of oil per day in 2012. Eni is operator of the JPDA 11-106 PSC (40.53% equity) in joint venture with INPEX Offshore Timor-Leste Ltd (35.47%), and Timor GAP PSC 11-106 Unipessoal Limitada (TimorGap) (24%).

Eni has been present as an operator in Australia since 2000, in Timor-Leste since 2006 and in the JPDA since 2007. In Australia, Eni operates and owns 100% of the Blacktip gas project and also has a non-operating interest in the Bayu-Undan gas and condensate fields, as well as the associated liquefaction plant in Darwin. Eni holds interests in 15 licences for offshore exploration in Australia and Timor-Leste, including 12 licences as operator.

Company Contacts:

Press Office:Tel. +39.0252031875 - +39.0659822030
Freephone for shareholders (from Italy): 800940924
Freephone for shareholders (from abroad): +39. 800 11 22 34 56
Switchboard: +39-0659821

[email protected]
[email protected]
[email protected]

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Financials (€)
Sales 2018 74 671 M
EBIT 2018 8 876 M
Net income 2018 3 531 M
Debt 2018 10 976 M
Yield 2018 5,11%
P/E ratio 2018 16,39
P/E ratio 2019 16,25
EV / Sales 2018 0,92x
EV / Sales 2019 0,87x
Capitalization 57 396 M
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 16,0 €
Spread / Average Target 0,29%
EPS Revisions
Managers
NameTitle
Claudio Descalzi Chief Executive Officer & General Manager
Emma Marcegaglia Chairman
Roberto Casula Chief Operations, Development & Technology Officer
Massimo Mondazzi Chief Financial Officer
Alessandro Lorenzi Independent Non-Executive Director
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