Joint venture partners in the Kursebi area of Georgia have said they expect to spud a second well at the prospect in the coming weeks.
Red Emperor Resources, which holds a 20% attributable interest in the prospect, said in a statement on Monday it expected the well to spud in late December or early January.
The partners recently carried out further internal and independent reviews of the seismic data for the area, and said work is due to commence on the preparation of the well site and surrounds in readiness to receive the drilling rig.
An RPS report released last December found the Kursebi 2 prospect has mean unrisked gross undiscovered estimated oil in place of 160 million barrels.
Red Emperor Resources is an Australian and AIM-listed player with interests in the frontier state of Puntland, Somalia, the Republic of Georgia and Western Australia.
Fellow dual-listed junior Range Resources holds a 40% interest in the prospect, and UK private Strait Oil holds the remaining 40%.
Range Resources also holds interests in the frontier state of Puntland, Somalia, Texas and Trinidad.