The French independent oil company Maurel & Prom has made a new discovery in Gabon, it has been reported.

After selling its stake in the Republic of Congo fields just last year, the firm has been looking to replenish its production capacity through further investment in Africa.

Now, it has announced that it has found new reserves in two separate areas close to the Onal field, with initial tests of the OMKO-1 exploration well indicating a production potential of up to 3,050 barrels per day.

Commenting on the find, CM-CIC Securities analyst Jean-Luc Romain, told Reuters: "The announcement of a new oil discovery with a significant potential in Gabon comforts our view that the asset portfolio of Maurel & Prom is under valued (by the market)."

The discovery comes as Gabon is believed to be close to bringing its border dispute with neighbouring Equatorial Guinea to the International Court of Justice, with the two nations agreeing to jointly exploit the oil-rich island at the centre of the dispute until the matter is resolved.

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