Vaalco Energy Inc. shares rose Monday after the company said it had successfully drilled the offshore South Tchibala 1HB-ST well in Gabon.
Shares at 0738 GMT were up 80 pence, or 14%, at 665 pence.
The London-listed, Texas-based oil company said that it discovered significant columns of multiple hydrocarbon bearing sands, and that this will add new reserves and production which weren’t in its 2P–proved plus probable reserves–reserve base.
The company said this also potentially adds new future drilling locations.