Azule Energy and its partners have identified a potentially significant crude oil deposit at the Algaita-01 exploration well in Block 15/06 off Angola, the National Oil, Gas and Biofuels Agency (ANPG) said on Friday. The discovery could help Africa’s third-largest oil producer curb declining output, Bloomberg reported.

The drilling campaign began on January 10 in water depths of 667 meters (2,190 feet) and concluded on January 26, roughly 18 kilometers (11 miles) from the Olombendo floating production, storage, and offloading vessel. Preliminary analysis of the well logs shows multiple oil-bearing intervals with strong reservoir characteristics, according to the agency.

“The presence of multiple production facilities nearby further enhances the value of this new exploratory success,” Azule Energy CEO Joe Murphy said in a statement released alongside the ANPG announcement.

Azule Energy holds a 36.84 percent stake in the block. Partners include SSI Fifteen Ltd., with 26.32 percent, and Sonangol E&P, which also owns 36.84 percent. The regulator noted that additional appraisal will determine recoverable volumes and assess the potential for a tieback to existing infrastructure.