The company has already increased its working interest in the 276 acres in the northern flank of the oil field from 84% to about 94%.

Titan Energy is acquiring interest in the southern flank to spud another well under its Allen Dome drilling program. It is planning to spud the well Poole#1to test numerous potential oil and gas horizons.

Titan Energy US managing partner John McKnight said the company is planning to pursue the drilling and acquisition program at the Allen Dome oil field, which continues to generate cash flow and increase production to over 700 barrels of oil per day initially.

"There is still a lot work to be done to achieve that initial target, but we hold a lot of ground with excellent drilling potential to target a historically proven oil producing area with 3D seismic coverage, which we are learning more about every time we drill," McKnight added.