Cairn makes second oil discovery offshore Senegal

 Oil explorer Cairn Energy has made a second oil discovery off the coast of Senegal which bears similar characteristics as a nearby oil find the British-based company made last month.

The SNE-1 well located around 100 kilometres off the coast of the west African country may hold 150-670 million barrels of recoverable resources, Cairn Energy said.

The oil explorer is the operator and owns a 40% stake in three blocks off the coast of Senegal, while other stakeholders include oil major ConocoPhillips , which owns 35%.