According to one of the participants in the joint venture, Tap Oil, Montgomery-1 exploration well is currently drilling ahead at 127m and should reach target depth of 3,682m in nine days.

"The Montgomery-1 well is planned to investigate a structural closure with objectives at several stratigraphic levels including the Top Barrow Group, Intra Barrow Group and Dupuy Formation," said Tap's managing director, Paul Underwood.

"Tap interprets that the Montgomery prospect has the potential to contain a mean volume of 26 million barrels of oil, if successful."

Underwood added this is the first deep well in the permit and will assist in evaluating other prospects and leads in the future drilling.

Participants in the joint venture are Tap Oil 22.474%, Apache Oil Australia - operator 48.815%, Santos (BOL) 18.71% and Pan Pacific Petroleum 10%.