Mosman Oil and Gas Ltd told investors that the Stanley-4 well, in East Texas has been drilled successfully.
The group said the well, which was drilled down to a target depth of 5,000 feet, showed several zones of interest during drilling and subsequent logging identified several potential pay zones in the Yegua formation, at depths between 4,600 and 4,900 feet.
Stanley-4 will now undergo testing, and the company noted that flow rates will be reported when data is available.
"We are pleased to deliver this next step, further demonstrating the team's ability to advance its business plan,” John Barr, Mosman chief executive said in a statement.
“Attention now turns to flow testing Stanley-4, as well as well as the drilling of Falcon-1," he added.
Mosman owns a 16.5% stake in Stanley-4.
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