The Calgary-based player and its partners in the Krim field may look to tie the discovery at the Krim-1 wildcat back to the nearby Mangara field where the pipeline is no more than 10 kilometres away.
Caracal said the discovery at Krim-1 was declared on 4 November, the Cretaceous E sands testing at 2580 barrels per day of oil.
The exploring partners are also testing the Cretaceous C and D sands in a bid to add more reserves.
Chad-focused Caracal is moving ahead with plans to increase its rig count from two to six units by the end of next year, also bringing in a pair of completion rigs.
Its 2014 exploration plan will target 1 billion barrels of gross unrisked prospective resources.