There are high hopes for oil in the Dreki Area, south of Jan Mayen and North of Iceland.
Norway and Iceland are joint owners of the area and could potentially benefit both countries.
New samples are impressive and could increase interest in the area. Although the samples are positive, they are confidential, and will only be given to those who will search in the area.
Specialist from Norway met their colleagues from Iceland last week. These samples were on the agenda, and next explorations which will be conducted soon.
Þórarinn Sveinn Arnarsson, project manager for the Icelandic Energy Administration, told RÚV that further exploration is mostly on the Norwegian side.
"A new exploration will most likely go to the area next summer, but that will also depend on what else we find from the last survey, samples are still being researched," he said.
A report from the company that conducted the research will be ready next month.
Bidding for the search will then open in April.
Sources