Exploration group Tullow Oil has found gas one of its wells in Bangladesh. The company says the find is located near existing pipelines and says it will evaluate the potential of the find when it has finished drilling the Bangora well 40km north of Lalmai.
Chief executive Mr Aidan Heavey said that while it was too early to comment on the commercial value of this discovery, it did show potential.
Meanwhile executive pay at the group fell more than 15 per cent in 2003 as bonuses were cut.
The firm's five executive directors shared bonuses of £157,748 last year, down almost two-thirds on the £446,375 paid in 2002.
Mr Heavey also saw his salary trimmed by 4.3 per cent to £335,000.
In total, executive remuneration came to £1.46 million compared to £1.72 million in 2002. The five executives accounted for 18.3 per cent of staff costs at the group which employs 128 people.