Energy: Santos and ConocoPhillips report new gas discovery in Timor Sea

The Australian reports that Santos and US oil giant ConocoPhillips, have reported a "significant" new gas discovery in the Timor Sea.

News of the discovery 265km north-northwest of Darwin, combined with a rise in oil prices, sent Santos shares up 6.8 per cent, adding about $400 million to the value of the stock.