Mosman Oil & Gas (LON:MSMN) told investors that it has encountered more oil shows in the Crestal-1 well, this time in the Cobden Limestone at depths between 158 metres and 173 metres.
It follows yesterday’s announcement that shows were found at shallower depths.
Drilling continues, and well testing is planned for later in the year.
The company also said that seismic programmes will be used to assist in the planning of future appraisal drilling.
"It is important to put our progress into context as this positive news is the first step of the drilling programme which will be followed by the appraisal process,” said executive chairman John Barr.
“The next stage of which will be to carry out flow tests, additional seismic acquisition and processing work, and then complete the economic modelling required to determine commercial viability of our wells, which as previously announced is anticipated to take several months."
Crestal 1 is Mosman’s second well in the current programme at the Petroleum Creek project in New Zealand.
The first well, Cross Roads 1, was confirmed as an oil discovery last month.