“This is a great follow-up on the previous result and now we are just hanging on the logging results, which could put us in a good position for the rest of the program,” said Tomahawk chairman Tony Brennan.

Electric logging operations have begun to evaluate the significance of the shows although Tomahawk has said the encounters in both levels have exceeded the company’s expectations.

The discovery also bodes well for the remainder of the five well program, to be drilled in the same locality and scheduled to be completed by December.

Tomahawk is funding all drilling and completion costs to earn a 75% interest (56.25% after royalties) in the drilling program, reducing to 50% (37.5% after royalties) once all expenditure has been recouped.

After tipping 50c on Friday, the stock eased back to be trading at 43c at press time.