Spanish oil company Repsol said Monday that it discovered high quality light crude in southwestern Libya's Murzuq basin.

Libya's first new oil find since the October 2011 toppling of Moammar Gadhafi lies in Block NC115: 4,400 square kilometers of desert 800 kilometers (497 miles) south of Tripoli.

Repsol, with a 40 percent stake, is the operator of Block NC115.

Austria's OMV and French major Total each hold 30 percent of the concession.

"The discovering well, called A1-129/02, was drilled to a total depth of 1,836 meters (6,019 ft.) and has produced good oil flows during initial testing," Repsol said in a statement.

A1-129/02 is the third of eight planned wells in NC115, "which has shown excellent reservoir properties," the company said, adding that exploration efforts in the block will continue through the end of 2015.

"The exploration and production business is one of the key pillars of Repsol's growth strategy, supported by the company's specialists and by cutting edge technology," the company said.

The Libya find is Repsol's fourth of 2013, following discoveries in Brazil, Russia and the United States. EFE