Statoil successfully tests Tanzania well

Statoil (STO) says it successfully tested its Zafarani reservoir offshore Tanzania in a key step for offshore development and onshore liquefied natural gas production.

The Zafarani-2 operation tested two separate intervals and flowed at a maximum of 66M cf/day of gas, constrained by equipment, and confirmed good reservoir quality and connectivity.

STO owns 65% of the license while ExxonMobil (XOM) holds the remaining 35%.

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Comments (2)
  • osooro
    , contributor
    Comments (87) | Send Message
    Now I'm beginning to pat myself on the back for holding onto my STO shares. I wish the Norwegian government would divest themselves of more shares and allow this company to become a part of free market capitalism. I really think the shares would move as high as the sixties if this were to happen.
    3 Mar 2014, 01:29 PM Reply Like
  • Michael Fitzsimmons
    , contributor
    Comments (10970) | Send Message
    StatOil has been the best explorer of all the big oil companies over the past few years. It is just a matter of time before the market "gets it" and the shares appreciate to keep up with the added reserves. Meantime, I am very glad to see the company transition to a quarterly dividend! This will result in 2 quarterly dividend oayments in 2014 in addition the annual 2013 payout. A great income & growth investment for energy investors. The natural gas issue in Ukraine is an added bonus, although likely a shorter term phenomenon (at least for the people of the Ukraine, I hope so...).
    3 Mar 2014, 03:09 PM Reply Like
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