The company intersected oil and gas at four separate zones during the initial logging of the well, including one significant find at 3,045ft to 3,114ft.

First suggestion of the top section of the interval contains gas, lower section between 3,066ft to 3,103ft containing high gravity light oil and black oil was encountered between 3,102ft to 3,114ft.

The company encountered 68ft thick hydrocarbon-bearing sand in one zone of the interest, including 48ft oil sand based on log interpretation.

The thickness of the discovery in the sand was never found in other wells on the Allen Salt Dome oil field.

Titan Energy US managing partner John McKnight said the initial indications suggest that the well is a commercial discovery.

"We will need to undertake a number of tests and reviews of logs and other results, however, to encounter four separate potential pay zones – including one very sizeable section – in a large and proven oil field is very exciting," McKnight added.

"This commercial discovery also offers Titan Energy the opportunity to drill follow up wells to target the sand we encountered at a depth of 3045′ to 3114′ at this location across our large exploration holdings at Allen Dome.

"There is also the potential to add to the current oil production at Allen Dome from the three other zones we encountered in this well as we explore around the Dome."