The company, which is partners in the permit with operator ExxonMobil, said hydrocarbon shows were recorded in at least five zones in the well.

However, analysis of the wireline logs and pressure data indicated the reservoir was tight over those intervals.

Fluid samples of gas-gas condensate were also recovered from one interval.

While Drillsearch said the well had not made a commercial discovery, the results had encouraged the joint venture to further explore the permit.

“Hydrocarbon charge and migration was a risk in WA-318-P and Marina-1 has proved migration of hydrocarbons into suitable structures in the southern section of the permit,” the company said.

As a result, the JV has decided to conduct new seismic surveys in WA318P, to be followed-up with another exploration well.

The seismic survey will focus on identifying new leads and prospects, and detailing several known leads in the permit.

Now that Marina-1 has been drilled, Exxon has taken over as permit operator with a 65% stake, while Drillsearch has 35%.

In other company news, Drillsearch said it has raised over $9 million via a one-for-four non-renounceable rights issue to existing shareholders.