Eni signed an agreement with Quicksilver Resources to jointly evaluate, explore, and develop potential shale oil resources in 52,500 gross acres held by Quicksilver in the Leon Valley area, Pecos County, Texas. The agreement calls for an initial three-phase program that includes drilling up to five exploration wells and acquisition of a 3D seismic survey, both aimed at determining the area’s hydrocarbon potential and a subsequent development plan. Eni will pay Quicksilver up to USD 52 million to cover drilling, completion, and seismic survey costs, while the two companies will equally share any future expenditure.
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