Robbie Simpson headed home to give the visitors a first half lead before Ming-Yang Yang equalised for Scott Sellars’ side 15 minutes from time.
The game remained level after 120 minutes and was decided as the hosts won 3-1 on penalties, with Wolves goalkeeper, Jon Flatt, saving two Exeter spot-kicks.
Wolves U23s started well in the game, putting Exeter under early pressure. Sherwin Seedorf and Oskar Buur Rasmussen both saw low crosses run across the face of goal before Yang’s first-time shot was headed clear off the line.
Niall Ennis was next with a sight of goal for the home side. The striker was picked out in behind the Grecians back line, he took his shot quickly but saw his low effort saved by Paul Jones.
Seedorf continued to cause the visitors problems on the Wolves left wing, he bypassed two Exeter defenders and looked for goal but his shot missed just wide of the nearside post.
After a bright Wolves start, the visitors took the lead against the run of play. Simpson got up high to meet a Matt Jay corner and headed beyond Flatt to make it 1-0.
Scott Sellars’ side looked to reply quickly, with Seedorf and Anthony Breslin getting in behind to both cross low but neither ball was met by a gold shirt and Exeter’s advantage was maintained.
Wolves’ next chance came from another low cross, this time Buur was released down the right wing but neither Ennis nor Benny Ashley-Seal could convert the full-back’s low cross and again the Grecians cleared.
As the first half came to a close, Carlos Heredia was picked out at the back post. The midfielder had time to take a touch and shoot but his effort was blocked and looped up into the goalkeeper’s grateful arms.
Half Time | Wolves U23s 0-1 Exeter City
Five minutes after the restart and the hosts saw loud appeals for a penalty turned down by the referee, as Ashley-Seal was instead booked for simulation.
Exeter had the next meaningful chance of the game, with Alex Byrne looking for goal from the edge of the Wolves box. But Ben Goodliffe was on hand to quickly get across and block ten-yards out.
Goodliffe then had an opportunity to score at the other end. The defender met a Conor Levingston corner on the edge of the visitors’ six-yard box but saw his headed effort take a deflection and loop over the crossbar.
Second half substitute, Jose Xavier, was the next Wolves player with a sight of goal, but his shot from 20-yards was smothered by Jones who got down to his right to save.
The hosts finally levelled on 73 minutes as Yang got enough on a teasing Buur cross from the right flank to divert the ball over the line and give Wolves the goal their play had deserved.
It became a much tighter game after Yang’s equaliser, with neither side enjoying a clear opportunity on goal for the rest of normal time.
However, both teams had chances to win the game in extra time. Xavier and Anthony Breslin saw shots saved and miss just over the crossbar respectively.
Ryan Loft was then set on the edge of the Wolves box with a minute of the game remaining, he looked for goal first time but saw his effort miss inches over Flatt’s crossbar.
Full Time AET | Wolves U23s 1-1 Exeter City
Exeter were first up in the shoot-out, with Matt Jay converting before Ashley-Seal levelled for Wolves.
Goalscorer Simpson then missed the target in the second round of penalties but Levingston saw his spot-kick saved by Jones to keep the scores at 1-1.
Will Dean stepped up for the visitors and Flatt got across to save his effort before Boubacar Hanne scored to put Wolves 2-1 up in the shoot-out.
The Wolves stopper saved again in the fourth round of penalties, this time from Ben Seymour, leaving Breslin with a chance to win the cup tie for the hosts.
Breslin stepped up and fired home to make it 3-1 to Wolves and send Scott Sellars’ side through to the next round of the Premier League Cup.
The quarter-final draw will be made on the @PLYouth Twitter account at 12pm on Thursday, 22nd March. With the next round of games scheduled to be played between Friday, 6th April and Monday, 9th April.
Wolves | Flatt; Buur, Goodliffe (Ofosu Ayeh 97’), Leak, Breslin; Heredia (Hanne 81’), Levingston, Yang, Seedorf; Ennis (Xavier 64’), Ashley-Seal.
Subs not used | Beasley, Odoffin, Otasowie, Samuels.
Bookings | Ashley-Seal 50’, Buur 77’.
