Quite satisfied with what spring holds? (4,7)

I believe the answer is:

well content

I'm a little stuck... Click here to teach me more about this clue!

'quite satisfied' is the definition.

'what spring holds?' is the wordplay.
I cannot quite see how this works, but
'spring' could be 'well' (both can mean a source of water) and 'well' is found within the answer.
The remaining letters 'content' is a valid word which might be clued in a way I don't understand.
This explanation may well be incorrect...

'with' is the link.

Can you help me to learn more?

I've seen this clue in The Globe and Mail.

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