The noise investors may have heard Monday morning probably emanated from the Toronto officers of Eco (Atlantic) Oil & Gas Ltd. (TSX-Venture:EOG). The company announced a huge oil discovery on the Orinduik Block, offshore Guyana.
The Jethro-1 exploration well was drilled by the Stena Forth drillship to a final depth of 4,400 metres in approximately 1,350 metres of water. Jethro-1 has been cased, and EOG says it is now awaiting further evaluation to determine the appropriate appraisal activity.
COO Colin Kinley could not hide his delight, saying, "Jethro is a fantastic find for us. This discovery was made due to our team at Eco and Kinley Exploration stepping out beyond the conventional exploration plays and seeking new resources through old-fashioned exploration science.
“The Jethro-1 well confirms the continuance of the petroleum system onto the Orinduik Block, up dip from the prolific discoveries on the Exxon operated Stabroek Block."
Investors took in the good vibes, pushing Eco shares up 69 cents, or 60.5%, to $1.83, on volume topping 1.4 million shares.