Spudded earlier this month, the well intersected oil and gas shows at similar depths to offset wells, Mosaic said.

Wireline logs indicate Fairmount-9 has encountered 5.4m of net oil pay between a depth of 2036.5m to 2050m.

"Importantly, the well encountered the sub-unit ‘B Sand' for the first time in the northern part of the field," Mosaic said.

"This unit is one of the oil productive sub-units in the southern part of the field and was previously encountered in Fairymount-3, Fairymount-5 and Fairymount-8 oil producer wells."

Now Mosaic plans to use the Century Rig 7 to case and complete the Fairymount-9 well, with the rod-insert pumping string to be run in either April or May.

Fairymount-9 is located about 300m north-northeast of the Fairymount-4 well which has produced to date over 205,000 barrels of oil.