Santos told the stock exchange today its Exeter-2 appraisal well encountered nine metres of net oil pay over the 3151-3162m interval in good quality Angel Formation sandstones.

The highly productive Wanaea, Cossack and Lambert oil fields, which are located some 15-35km south of Exeter, display the similarly aged Angel Formation reservoirs.

Santos said the total oil column established by Exeter-1 and Exeter-2 is 51 metres and provides further encouragement for the potential oil development of the Exeter-Mutineer area. Combined reserve potential for the Exeter and Mutineer fields is 50-130 million barrels of oil.

Two further wells, one each on Mutineer and Exeter, are currently being considered for drilling as soon as possible this year in order to better define the volumes of the discovery, Santos said.

Interests in the Exeter-2 well, located in WA-191P, are Santos (operator) 44.53%, Kufpec Australia 44.54% and Woodside 10.93%.