Results of ExxonMobil Corp.’s (NYSE: XOM) latest frontier exploration efforts offshore Guyana are boosting the company’s confidence in the Stabroek Block.

The company is calling Liza-2, the second exploration well drilled by the company, a “world-class discovery” that could add between 800 million and 1.4 billion oil-equivalent barrels of recoverable resources. The news was delivered June 30 by ExxonMobil and partner Hess Corp. after a production test confirmed the presence of high-quality oil.

Drilled to 5,475 meters (m), or 17,963 ft, in 1,692 m (5,551 ft) of water by ExxonMobil affiliate Esso Exploration and Production Guyana Ltd., the well encountered more than 58 m (190 ft) of oil-bearing sandstone reservoirs in Upper Cretaceous formations.

“This exploration success demonstrates the strength of our long-term investment approach, as well as our technology leadership in ultra-deepwater environments,” Steve Greenlee, president of ExxonMobil Exploration Co., said in a news release.

The significant find is an exploration bright spot in what have been tumultuous times for the E&P sector. Many companies have slashed exploration spending, shelved or postponed offshore projects, and frontier exploration has taken a backseat as tough market conditions put the squeeze on budgets.

Yet, some have pushed ahead in frontier areas, undeterred by the two-year downturn that is only now showing signs of easing as oil prices work back up to $50/bbl.

ExxonMobil spokeswoman Lauren Kerr told Hart Energy that the company intends to begin drilling the Skipjack well in the Stabroek Block in July. The company is currently completing preparatory technical work and developing drilling plans, she said in an email.

In addition to the waters offshore Guyana, a small country north of Brazil and east of Venezuela, ExxonMobil is exploring in Uruguay, South Africa and Cote d’Ivoire.

In a May 25 shareholders presentation, ExxonMobil said multiple exploration wells are planned in 2016-2017 offshore Guyana, where it is acquiring its largest 3-D seismic survey to date.

During the company’s first-quarter 2016 earnings call, Mark Albers, senior vice president of upstream for ExxonMobil, called the Liza-2 logs “beautiful.”

“We’re very excited about it, but we have to do our appraisal to see the best way to develop it. … Stay tuned,” Albers said. “We’ll drill this well and then three more—at least two of those next three wells will be exploration wells.”

ExxonMobil’s Guyana position spans 8.1 million gross acres, which includes the 6.6 million acre Stabroek Block. Liza-1, the first well on the Stabroek Block, struck more than 295 ft of high-quality oil in 2015.

“We are very encouraged by the drilling results to date of the Liza prospect, which we believe has the potential to materially contribute to our resource base and future production growth,” said John Hess, CEO of Hess Corp. “In addition to the Liza prospect, we continue to evaluate the resource potential on the broader Stabroek Block with additional exploration drilling planned.”

Esso Exploration and Production Guyana Ltd. is operator and holds 45% interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Nexen Petroleum Guyana Limited holds 25% interest.

“We, along with our co-venturers, look forward to continuing a strong partnership with the government of Guyana to further evaluate the commercial potential for this exciting prospect,” Greenlee added.

Velda Addison can be reached at vaddison@hartenergy.com.

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