Santos (ASX:STO) and its joint venture partners APA and Lagniappe Alaska struck oil at the Sockeye-2 exploration well in Alaska, according to a Tuesday statement by the company.

The well was drilled to a depth of 10,500 feet, encountering a high-quality Paleocene sand reservoir with 25 feet of net oil pay and 20% porosity, Santos said.

The discovery confirms the resource potential of the area and comes as Santos advances its Pikka Phase 1 project in Alaska, which is 80% complete and on track for first oil by mid-2026, said Bruce Dingeman, executive vice president and president of Santos' Alaska operations.

Santos' shares rose nearly 1% in recent Tuesday trade.