Oilexco Shares Up 15% on Positive Huntington News

Oilexco Inc. (OILXF.PK) shares were up more than 15% on Monday morning after it announced that its Huntington prospect in the U.K.'s North Sea is potentially much larger than originally thought.

Oilexco said the Huntington Fulmar appraisal well intersected oil-water contact at a depth 310 feet below original Huntington discovery well, and reported an oil column at least 452 feet thick.

The company also noted that the Mallory discovery may be an extension of the Huntington field (Fulmar). Oilexco has a 27% equity stake in the Mallory discovery.