Danish government-owned DONG Energy with partners GDF SUEZ E&P UK and Dana Petroleum are assessing the viability of the Cragganmore field to determine further activity.
The well was drilled in 673 metres of water, with a second well in 1,169 metres of water at the neighbouring Glenrothes field has been plugged and abandoned after reaching a depth of 4,295 metres.
Drilling on the two wells started late last year and continued until early 2013 using the drillship West Navigator.
GDF SUEZ E&P UK managing director Jean-Claude Perdigues said: “The West of Shetlands is a very exciting area, holding an estimated 17 per cent of the UK’s remaining hydrocarbon resources, with the potential to grow as a major gas production province.
“We want to become a leading exploration company, and following the installation of infrastructure, take a major part in unlocking the hydrocarbon reserves and resources in this region.”