VANCOUVER — Junior energy company Petro One Energy Corp. (TSXV:POP) says the first hole of its summer drill program at the J5 property in Saskatchewan has yielded the discovery of an unexpected light oil pool.
The Vancouver-based company said Tuesday that the well “demonstrated an excellent flow rate... without stimulation, swabbing or pumping” and has now been shut in until a separator and tanks are installed later this week.
“The discovery of a new oil pool with our first drill hole has exceeded the company's expectations, and establishes the ability of our technical team,” president Peter Bryant said in a statement.
“We look forward to determining the full extent of this new reservoir and expanding our production. This will serve as a solid foundation to build on.”
Expanded exploration and development drilling at the J5 property is planned, with a drilling program of up to 17 more wells.
The company said it expects to release an update to its reserve estimates shortly.
Shares in Petro One rose seven cents or eight per cent to 94 cents in early trading on the TSX Venture Exchange.