Eni Announces Large Mozambique Gas Find

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  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.

Click here to read the full Eni (NYSE:E) press release.