Further analysis of an oil field offshore Senegal confirms it may be an elephant, one with more than 100 million barrels of oil, Africa-focused FAR Ltd. said.

"FAR has delivered another remarkable independently audited SNE resource upgrade and we look forward to providing investors with a future statement on FAR's view of the commerciality of the SNE oil field, update on our prospective resources, and the resumption of drilling offshore Senegal in the second half of 2016," Managing Director Cath Norman said in a statement. "SNE is a world-class oil field that is truly worthy of the 'elephant' title."

The company estimated the field covers about 135 square miles offshore Senegal. Third party assessment of the reserve potential conducted after the drilling of two additional appraisal wells suggests a best-case estimate of 641 million barrels of oil.

The company in 2014 started a drilling program in the nearby FAN-1 reservoir in deep waters off the coast of Senegal, which FAR at the time said could be a game changer for the region. So far, the company said success in the region confirms West Africa is emerging as a major new oil and gas frontier.

FAR, which has its headquarters in Australia, said the latest estimate is more than 300 percent greater than before it started drilling into the field.

"The industry phrase 'good fields get better' could not be more appropriate for this world class field," Norman said.

FAR holds a 15 percent stake in the field in a partnership with Cairn Energy, ConocoPhillips and the Senegalese National Oil Company, which hold 40 percent, 35 percent and 10 percent, respectively.

FAR is at odds with ConocoPhillips over the latter's proposed sale of its Senegalese interests to Woodside Petroleum, another Australian company. According to FAR, Conoco has failed to comply with SNE field agreements with the proposed sale.

"FAR has advised ConocoPhillips of this and both parties have been urged by the government of Senegal to reach an amicable solution on this matter," the company said in a separate statement.

In terms of progress, FAR said the offshore field was in the advanced stage of appraisal and more work was needed to define a development project.