"The Bakari Prospect is a very large, seismically delineated anticlinal closure, immediately north-west of the Moran Central oil field," Carmichael said. "Potential recoverable oil reserves are 215 million barrels, based on a 50 per cent oil-fill basis." Carmichael said OSH believes Bakari is a well defined, low risk prospect that has the potential to more than double its oil reserve base.

The company is also involved in the Marabou-1 well, offshore Browse Basin in the NW Shelf. The well is testing a 4-way dip closure, in a 3D seismically defined submarine fan concept. Potential mean oil reserves are estimated at 180 million barrels, with target reservoir sandstones expected to be reached at approximately 3,600m. Current depth is 2,055m and target should be reached by mid December.