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Image courtesy of ExxonMobil.

ExxonMobil Corporation said Thursday it has made a “significant” oil discovery at its Liza-1 well in offshore Guyana.

The well was drilled by ExxonMobil affiliate Esso Exploration and Production Guyana in the Stabroek Block and encountered more than 295 feet of “high-quality oil-bearing sandstone reservoirs.”

Liza-1 was safely drilled to 17,825 feet in 5,719 feet of water and is the company’s first well in the Stabroek Block.

The Stabroek block covers about 6.6 million acres.

“I am encouraged by the results of the first well on the Stabroek Block. Over the coming months we will work to determine the commercial viability of the discovered resource, as well as evaluate other resource potential on the block” ExxonMobil Exploration Company president Stephen M. Greenlee said.

The well data will be analyzed in the coming months to better determine the full resource potential.

Esso Exploration and Production Guyana holds 45 percent interest.

Hess Guyana Exploration Limited holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.

The well was spud on March 5, about 120 off the coast of Guyana.

Guyana is located in northeastern South America and shares borders with Venezuela and Brazil.