News: CVN Santos confirms oil discovery offshore Western Australia

March 23 (Reuters) - Australia's Santos Ltd (STO) said on Wednesday its Pavo-1 exploration well has confirmed a significant oil discovery near its Dorado facility, offshore Western Australia.

Santos Chief Executive Officer Kevin Gallagher described the Pavo-1 discovery as a "great result" that could add further material value to the project through a potential low-cost tie-back to the proposed Dorado development plan.

"With the global oil and gas markets seeing increased volatility, low CO2 oil and gas resources at Dorado and Pavo add significantly to Australia's national energy security."

Santos shares rose 0.3% in early trade, with oil and gas explorer Carnarvon Energy (CVN) , which holds a 30% interest in Pavo-1, jumping as much as 35%.

"Subject to the joint venture making a final investment decision this year, the Dorado production infrastructure is planned to be in place by the end of 2025," Carnarvon Chief Executive Officer Adrian Cook said, adding that the results bring a significant value to the Dorado development plan.