Cairn Discovers Oil at Offshore Well in Senegal

Oil explorer Cairn Energy and its joint venture partners have discovered oil at a well offshore Senegal and further exploration work nearby is already planned, the company said on Tuesday.

The companies encountered 29 metres of net oil bearing reservoir at the FAN-1 well, located around 100 km off the coastline and 1,427 metres deep.

"We have encountered a very substantial oil bearing interval which may have significant potential as a standalone discovery," said Cairn Energy chief executive Simon Thomson.

Cairn Energy has a 40 per cent interest in three offshore blocks in Senegal, while ConocoPhillips has 35 per cent, FAR Ltd 15 per cent and Senegal's national oil company Petrosen owns 10 per cent.

Copyright: Thomson Reuters 2014