Italy’s Eni said Thursday early estimates at a discovery made in Ecuador at the Oglan-2 exploration well show reserves of more than 300 million barrels of oil in place.
The find was made in Block 10 about 161 miles southeast of Quito.
The well was drilled to a total depth of 6,450 feet and encountered a 236 foot net crude oil column.
During a production test, constrained by surface facilities, the well flowed at 1,100 barrels of oil per day.
Eni said data from Oglan-2 indicates a production capacity per well of up to 2,000 barrels of oil per day.
Eni will immediately begin studies for the commercial exploitation of the Oglan discovery.
The discovery is located about four miles from the processing facilities of the Villano field, also inside Block 10.
Villano is wholly owned by Eni and currently produces approximately 12,500 barrels per day.
Eni operates Block 10 through its affiliate Agip Oil Ecuador.