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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Equinor ASA    EQNR   NO0010096985

EQUINOR ASA

(EQNR)
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Equinor : Oil discovery in the US Gulf of Mexico

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04/07/2020 | 07:51am EDT

Equinor and co-venturers Progress Resources USA Ltd and Repsol E&P USA Inc. have encountered oil in the Monument exploration well in the US Gulf of Mexico.

The Monument exploration well found approximately 200 feet (c. 60 metres) of net oil pay with good reservoir characteristics in Paleogene sandstone.

This provides an early indication of the productive reservoir interval at the well location. The well was drilled to a total depth of 33,348 feet (10,164 metres) using the Pacific Khamsin rig.

'We are pleased to have proved an accumulation of movable hydrocarbons in the Monument exploration well. However, determining the full potential of the discovery will require further appraisal drilling,' said Bjorn Inge Braathen, senior vice president of Exploration in North America.

The Monument exploration well is located in the central US Gulf of Mexico. It is operated by Equinor (50%) with partners Progress Resources USA Ltd (30%) and Repsol E&P USA Inc. (20%).

Monument is Equinor's first operated exploration well in the US Gulf of Mexico since 2015.

Contact:

Bard Glad Pedersen

Tel: +47 91801791

Email: bgp@equinor.com

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2020 44 657 M
EBIT 2020 3 406 M
Net income 2020 -897 M
Debt 2020 19 613 M
Yield 2020 4,13%
P/E ratio 2020 -72,2x
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Mean consensus OUTPERFORM
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Average target price 15,11 $
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Spread / Highest target 54,0%
Spread / Average Target -1,25%
Spread / Lowest Target -38,3%
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Eldar Sætre President & Chief Executive Officer
Jon Erik Reinhardsen Chairman
Jannicke Nilsson Chief Operating Officer
Lars Christian Bacher Chief Financial Officer & Executive Vice President
Anders Opedal Executive VP-Technology, Projects & Drilling
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