The well spudded on July 15 and the rig was released late last week.

Theia-1 was drilled to a total depth of 1645m and recovered 778m of continuous core and recorded wireline logs over the same interval.

Theia-1 was a test of the Middle Ordovician Goldwyer III liquids rich resource play and early assessment of the well results appear to validate the company's geological model and de-risk the play, the company said yesterday.

The well appeared to intersect a gross 120m of the shale with two zones for 60m with high wet gas mud readings, increased resistivity, fluorescence with associated hydrocarbon odour and a visible gas haze escaping from the cores at surface.

Wellsite gas desorption data was positive, and were indications of the expected over-pressure.

Further, the bottom hole temperatures suggest a geothermal gradient for the shales within the oil window.

"While only the very early data has been received from the well site we are encouraged and excited by the initial indications that Theia-1 appears to validate our geological model," Finder managing director Jan Ostby said.

"However, this is the start of a long process to unravel the geological complexities of the immense suite of data we now have to hand."

The company will now confirm the total organic content and thermal maturity of the 6.5 tonnes of core recovered, with the aim of calculating the potential resource capacity of the shales.

The slimhole well was drilled on time and on budget using the DDH Drilling Rig-31.

The US Energy Information Administration calculated the Goldwyer shale has potential for in excess of 225 trillion cubic feet of recoverable shale gas in the basin.

The Goldwyer sits at depths between 1000-2500m on the Broome Platform.

Finder expected the zone of be oil prone, up to 140m thick, with good total organic contents of TOCs of 3-7% and porosities in excess of 8%.

Two further commitment wells are required over the next two years.