The Eni subsidiary, Agip, has made a new gas find off the coast of Sicily which, according to preliminary studies, could hold reserves of between 9 billion to 12 billion cubic meters of gas. The discovery, Panda 1, was made in a water depth of 1,511 feet off the coast of Agrigento to the south of Sicily. The well was drilled by Atwood Oceanics' semisubmersible, Atwood Eagle. Eni is operating in a joint venture with British Gas and Edison Gas. Agip added that the drilling of a second well in the area could find more gas reserves soon. "The success of 'Panda 1' opens the doors to a new and promising period of exploration in the Sicilian channel, where historically the search has primarily focused on oil," Eni said in a statement.