Roc Oil, operator of the well, said preliminary interpretation of the data obtained showed that the well has encountered a gross vertical oil column in the order of 45 metres.

However, Roc said net reservoir quality and extent will not be known until logging is completed, which should be done tomorrow.

"The oil-water contact in the well, as defined by the distribution of oil shows seen while drilling, appears to be similar to the contact established by Cliff Head-1 and Cliff Head-2 drilled in December 2001/January 2002," Roc Oil said in a statement to the stock exchange.

All partners in the well have seen their share prices increase on this morning's news, however the big winner was neighbour Bounty Oil & Gas which put on 25% in brisk trade. The very large Twin Lions structure lies in the adjoining TP/15 permit.