ENI (NYSE:E) shares ticked higher during the Monday session as U.S.-Iran tensions dashed hopes for a lasting Middle East peace deal.

The company disclosed a major gas discovery on Monday at the Geliga-1 well in Indonesia's Kutei Basin.

What Is Driving Eni’s Gas Discovery in Indonesia?

The asset has estimated resources of around 5 Tcf of gas and 300 million barrels of condensate.

The well, drilled to ~5,100 meters in 2,000 meters of water, encountered strong reservoir quality, with further testing planned. The find builds on recent nearby discoveries, reinforcing the basin's large-scale gas potential.

It also supports ongoing developments, including the North Hub project, which will use a new FPSO and existing LNG infrastructure to process production.

Eni says its Geliga gas discovery in Indonesia's Kutei Basin confirms the area's strategic potential and "unlocks" new volumes aimed at both domestic and international markets.

Critical Support and Resistance Levels for E Stock

Eni's chart is still in an uptrend on longer timeframes, but the stock is working through a near-term cooldown after peaking earlier in the spring. It's trading 4.9% below its 20-day simple moving average (SMA) and 18.9% above its 100-day SMA, a mix that points to short-term consolidation while the intermediate trend remains constructive.

The moving average structure stays supportive, with ...