The discovery was made at the SNE-1 well located approximately 60 miles off Senegal's shore in the Sangomar Deep block formation. ConocoPhillips holds a 35-percent working interest in the well while Cairn Energy PLC has a 40-percent interest, FAR Limited owns 15 percent and Petrosen has 10 percent.
The current operator of the well, Cairn Energy, will continue to drill the well until it reaches a total depth of about 10,000 feet. ConocoPhillips has the option to take over as operator once the well is further developed, according to the press release.
According to The Street, ConocoPhillips - the third-largest energy company in the U.S. - may be a good move for investors. The company saw its earnings increase by 9 percent in the third quarter of this year, despite a 16 percent decline in revenue. ConocoPhillips also plans to reduce capital spending to less than $16 billion in 2015 while boosting its production up to 5 percent.
During 2014, stock prices for the energy sector overall have fallen more than 14 percent, but ConocoPhillips' stock has only dipped 1 percent in the past year, InvestorPlace pointed out.