The well has been drilled to a depth of 29,221ft penetrating multiple Paleogene-aged reservoir sands, while Gila discovery was made by an exploration well on Keathley Canyon block 93, which is around 300 miles southwest of New Orleans in about 4,900ft of water.

The company has a 20% working interest in the Gila well, which is operated by BP.

ConocoPhillips exploration senior vice president Larry Archibald said Gila is the company’s fourth deepwater Gulf of Mexico Paleogene discovery.

"We have built a significant Gulf of Mexico deepwater acreage position and achieved success with discoveries at Tiber, Shenandoah, Coronado and Gila, validating our exploration strategy in the prolific Lower Tertiary trend," Archibald added.

Previously, the company has announced three discoveries in Gulf of Mexico, which include Tiber, Coronado and Shenandoah.

Currently, the company holds a stake in 454 Gulf of Mexico deepwater blocks, which are expected to cover around 2.2 million net acres.