Eni makes giant gas find off Mozambique

Italian energy giant ENI logo is pictured  during the presentation of results and strategy press conference at ENI's headquarters in Milan, on February 15, 2008. Enel reported today that its 2007 adjusted net profit fell 9.0 percent to 9.47 billion euros (13.82 billion dollars) as a strong euro and higher costs more than offset rising oil prices. AFP PHOTO DAMIEN MEYER

Giant discovery: Eni reports fresh success at prolific Area 4 off Mozambique

Italy’s Eni said it has made a giant gas find at its Coral 1 prospect in Area 4 off Mozambique.

Drilled to a total depth of 4869 metres in 2261 metres of water, Coral 1 hit 75 metres of gas pay in single high-quality Eocene sand.

The well, located 65 kilometres off the Capo Delgado coast, lies around 26 kilometres southeast of Eni’s Mamba South 1 find.

“This discovery is particularly significant since it confirms a new exploration play, which is independent of those drilled so far in previous Mamba wells,” the explorer said.

The Milanese explorer said it estimates the Coral prospect potentially contains between 7 trillion and 10 trillion cubic feet of…

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