The well was drilled in the core of the area under the company's gas injection EOR project.

Cairn plans to begin a 3-D seismic acquisition program in third-quarter 2015, and core and test three appraisal and exploration wells starting in fourth-quarter 2015.

The well, which is 80 percent owned by Total and 20 percent by Denmark's state oil company Nordsofonden, confirmed the presence of gas but the thickness of the layer was smaller than expected.

The Manati Field is 45% owned by QGEP. Partners are Petrobras, Brasoil and Geopark.

There could be enough undiscovered petroleum and natural gas to supply the world's current oil needs for more than five years, researchers said, Reuters reported.

ShaMaran Petroleum estimates the well can produce more than 10,000 barrels per day of oil.

Drilled by jackup rig Rowan Viking, the well encountered the oil column in pebbly sandstone with medium to good reservoir quality, Lundin said in a news release.

The Drover-1 exploration well will now be decommissioned and rehabilitated back to its pre-existing state, according to AWE.

The results confirmed initial results from the Senecio-3 discovery well, according to AWE Ltd.

Results confirmed the reservoir model and proved the presence of hydrocarbon columns and fluid contacts similar to those of the Alta discovery well, located 10 to 20 km northeast of Lundin Petroleum’s Gohta discovery in Barents Sea South, a news release said.

Providence Resources and Europa Oil & Gas are among the companies that have identified prospects, but success has not been had by all in the in past.

The partners said they intend to submit a proposed outline of the development plan for reservoir to the government of Cyprus.