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Chevron Corporation said Friday that is has confirmed a significant find at the Anchor site in the U.S. Gulf of Mexico.

“The positive results of our appraisal work at Anchor indicate a significant discovery of potentially hub class scale,” Chevron executive vice president of upstream  Jay Johnson said.

The original Anchor discovery well is located in Green Canyon Block 807, about 140 miles off the coast of Louisiana in 5,180 feet of water.

The well was drilled in late 2014 to a depth of 33,750 feet and encountered 690 feet of net oil pay.

Appraisal drilling began in June 2015 and recently found 694 feet of net oil pay.

To date, Chevron has confirmed a hydrocarbon column of at least 1,800 feet in the Lower Tertiary Wilcox reservoirs at Anchor.

Complete appraisal of the field will require further delineation wells and technical studies, the company said.

“After the success of the discovery well announced earlier this year, we have pursued appraisal work to further evaluate the results and assess development alternatives to optimize value creation,” Chevron North America Exploration and Production president Jeff Shellebarger said.

Chevron subsidiary Chevron U.S.A. Inc. is the operator of the Anchor Prospect with a 55 percent working interest.

Houston-based Cobalt International Energy holds a 20 percent stake in Anchor.

Samson Offshore Anchor, a subsidiary of Oklahoma-based Samson Energy, holds a 12.5 percent stake and Texas-based Venari Resources holds a 12.5 percent stake.

Chevron reported third quarter earnings of $2 billion, or $1.09 per diluted shared, down from $5.6 billion in the third quarter of 2014.

Foreign currency effects increased earnings in the quarter by $394 million, compared with an increase of $366 million a year earlier.

Sales and other operating revenues in third quarter were $33 billion, down from $52 billion in the year ago quarter.

The company expects to lower its capital and exploratory expenditures to between $25 to 28 billion, down by about 25 percent from this year’s budget .