Norway-based Panoro Energy has completed well operations at the Aje field in offshore Nigeria.
The Aje-4 well on the OML 113 licence was previously drilled in 2008 and has now completed as an oil production well.
The latest development follows the previously completed Aje-5 production well.
According to the company, both wells have been perforated in the Cenomanian oil bearing zones with positive indications of well productivity.
Panoro Energy installed subsea trees on both wells, which are now suspended and ready for tie-up with the oil production facilities before they begin production.
The Saipem Scarabeo 3 drilling rig is currently being demobilised.
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Panoro Energy CEO John Hamilton said: "We are very pleased to have now successfully concluded the well operations phase of the Aje Cenomanian oil development and are encouraged with the reported well results.
"We have achieved a major milestone to de-risk the project and are looking forward to starting commercial production towards the end of January 2016, following which we can begin generating positive cash-flow."
OML 113 is operated by Yinka Folawiyo Petroleum with 60% interest. The remaining 40% is owned by a joint venture of Chevron Nigeria Deepwater, Vitol Exploration Nigeria, Panoro Energy, Energy Equity Resources and Jacka Resources.