Eni has made a gas discovery in the Egyptian Obayed concession in the Egyptian Western Desert, the Italian major said Aug. 30.
Drilled to a target depth of 17,000 ft on the Faramid South exploration prospect, the well encountered several gas-bearing layers in the Kathabta sandstones of Jurassic age. The well, which produced 25 million standard cubic feet per day, has bolstered Eni’s confidence in the concession’s potential, Eni said in a news release.
“Eni has started the studies to develop these relevant gas reserves that, together with the gas potential of the Melehia Concession, can contribute to increase the country gas production,” the company said.
The East Obayed concession is located 30 km northwest of the Melehia Concession.
AGIBA, which is equally held by Eni subsidiary IEOC and the Egyptian General Petroleum Corp., owns 100% of the East Obayed Concession, the release said.
Williams’ “poison pill” was found by a Delaware judge to be a disproportionate response to the threat that an activist investor might swoop in when the stock was at a low point during the start of the pandemic.
The NYSE said CNOOC has the right to appeal the delisting decision. The exchange will include any appeal it receives in its application to the U.S. Securities and Exchange Commission.
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