An oil field offshore Senegal may be viewed as a world-class reservoir following an update to the reserve estimate, Australia-based explorer FAR Ltd. said.

FAR said an independent assessment of the SNE field raised the reserve estimate by about 20 percent to 561 million barrels of oil. A string of exploration successes at the field meant the company was able to plan for more drilling.

"Appraisal drilling results to date indicate the SNE field could be a world class oil deposit which could justify a significant commercial development," Managing Director Cath Norman said in a statement.

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 it's five-for-five in the region, confirming West Africa is emerging as a major new oil and gas frontier.

Operating partner Cairn Energy in January announced a discovery offshore Senegal in January, saying it was "delighted" with the results coming in from the basin.

West Africa has drawn interest from international energy companies eager to tap into unexploited reserves.