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Eni S.p.A. (NYSE:E) announced that it has found a huge amount of natural gas at the Coral 1 exploration prospect, located offshore of Mozambique.
Eni S.p.A. (NYSE:E) announced that it has found a huge amount of natural gas at the Coral 1 exploration prospect, located offshore of Mozambique.
As quoted in the press release:
The results for this well, drilled in the southern part of Area 4, are of particular significance. The Coral discovery is estimated to contain between 7 and 10 tcf of gas in place, exclusively located in Area 4. With these new results at Coral 1, Eni estimates that the resources exclusively located in Area 4 range between 15 and 20 Â tcf of gas in place. The new discovery further increases the total potential of the Mamba complex discovered so far in Area 4 Offshore Rovuma, which is now estimated to hold between 47 and 52 tcf of gas in place.