This 640-acre prospect was defined by 3D seismic to be prospective in nine different horizons ranging from a depth of 12,000 feet to 16,000 feet (3657-4876m).

Advance said the joint venture initially planned to drill four wells on the prospect, targeting more than 250,000 barrels of oil equivalent.

Based on the results, North American Energy would drill up to a further four wells to accelerate the development and drainage of these field extension reservoirs.

Advance said “these high reserves, low risk wells” would be drilled in the second quarter of next year.

“This project has allowed Advance to become a major developer of proven reserves in one of the world’s most prolific producing basins,” the company said.

“Further, by utilising current technologies, this first of many prospects will position Advance to discover new reserves that could substantially increase the reserve estimates for the project.”