Santos has announced tests at its Jeruk 2 ST-3 well being drilled in the Sampang Production Sharing Contract supported a potential gross 370-metre oil column, according to Egoli.

But this cannot be confirmed until Santos has cleared debris from the well and retested a 30-metre zone, the company said.

Pre-drill estimates for the well were for reserves of 170 million barrels but the market is betting that this is a conservative estimate.

Analysts have said Santos Limited shares could be boosted by at least 50c by Jeruk.