ENI Upgrades Mozambique Gas Estimates

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Italy's ENI reported Wednesday that it has upgraded its estimates of gas finds offshore Mozambique by five trillion cubic feet to 80 trillion cubic feet after completing an appraisal campaign.

The finalizing of the appraisal process was achieved with the drilling and testing of the Mamba South 3 well, the ninth well drilled in the Area 4 exploration permit. ENI said that well results exceeded expectations, leading to the upgrade of estimates at its Mamba Complex and Coral discoveries.

Mamba South was drilled in a water depth of 5,150 feet and reached a total depth of 16,352 feet. It encountered around 700 feet of gas pay in high-quality Oligocene and Eocene reservoirs, with the discovery proving the existence of hydraulic communication with the same reservoirs of the Mamba South 1, Mamba South 2, Mamba North East 1 and Mamba North East 2 wells.

ENI is now finishing its development plans for this resource.

ENI is the operator of Area 4, with a 70-percent participating interest. Galp Energia, Kogas and ENH each hold a 10-percent stake.



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