ConocoPhillips announced today that it has made a new oil discovery offshore Norway.

Located about 14 miles north-northeast of the Heidrun Field in the Norwegian Sea, the newly tapped Slagugle prospect is estimated to hold a recoverable volume of 75 to 200 million BOE, according to ConocoPhillips.

The discovery well was drilled in 1,165 ft of water to a total depth of 7,149 ft by the Leiv Eiriksson drilling rig.

ConocoPhillips is the operator of the prospect with an 80% stake. Norway-based Pandion Energy is the license partner with a 20% working interest.

“This discovery marks our fourth successful exploration well on the Norwegian Continental Shelf in the last 16 months,” Matt Fox, executive vice president and chief operating officer at ConocoPhillips, said in a statement. “All four discoveries have been made in well-documented parts of the North Sea and the Norwegian Sea and offer very low cost of supply resource additions that can extend our more than 50-year legacy in Norway.”

The operator said it has completed extensive data acquisition and sampling from the discovery well. More appraisal work is needed to understand potential flow rates, likely recovery rates, and the full development scheme.