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Royal Dutch Shell said Thursday it now estimates that the Kaikias field in the U.S. Gulf of Mexico holds recoverable resources of over 100 million barrels of oil equivalent.

According to Natural Gas Intel, appraisal drilling conducted at the field in August discovered 300 feet of net oil pay and operations were completed ahead of schedule and under budget. 

At 34,500 feet measured depth, the well is the longest well ever drilled by Shell.

The field, located about 60 miles off the Louisiana coast in 4,575 feet of water, is located near Shell’s existing deepwater infrastructure in the Mars-Ursa Basin.

The nearby facilities have a combined daily output capacity of 500,000 barrels, BOE Report said.

The Kaikias field is wholly-owned by Shell and was discovered in 2014.

“It’s a beautiful discovery with good-quality oil in a good-quality reservoir,” said Shell vice president for appraisal and hydrocarbon maturation told BOE Report.

In an analysts note seen by Rigzone, Tudor, Pickering and Holt said a final investment decision could be made as soon as next year.

“Early engineering is taking place and we would expect that FID could be taken in 2016, given that Shell plans to aware some long-lead items next year,” the analysts said.

A full evaluation of the well’s results is continuing, Shell told Natural Gas Intel.