In a statement to the Australian Stock Exchange, Australia-based ROC Oil (OTCBB:RCILF), a partner with Petronas, said its unit Roc Oil Co. (OTCBB:RCILF) and the partners had discovered the oil at the Banda NW ST-1 sidetrack well in about 300 meters of water, the Malaysia Star reported.

ROC Oil said results suggested natural gas at a depth of more than 85 meters and oil at a depth of more than 15 meters.

Petronas' interest in the project is through Australia's Woodside Petroleum Ltd. in Mauritania, which it acquired for $418 million. The sale included all Woodside's onshore and offshore producing, development and exploration interests in Mauritania.

Petronas said in September the acquisition of Woodside reflected its commitment and its long-term aspirations in Mauritania's oil and gas industry and complemented its overall growth strategy in Africa.

The Banda field is estimated to hold between 1 trillion and 1.5 trillion cubic feet of gas. Tullow is the third partner in the Banda venture with a 24.3 percent stake, while ROC owns 4.15 percent. The operator PC Mauritania I Pty Ltd has a 53.84 percent stake.