Shares in Canadian Superior Energy Inc. (SNG) were up as much as 16% earlier today after the small oil and gas explorer reported a big natural gas find off Trinidad.
The company’s shares trading at C$4.74 around 1:30 p.m. on the Toronto Stock Exchange after earlier touching C$4.90, a 16% increase from the previous day's trading. The stock is up almost 30% in the last 12 months.
Canadian Superior said the Bounty well it drilled in waters 60 miles off Trinidad’s east coast tapped a field that could contain as much as 2.6 trillion cubic feet of gas and capable of producing 200 million cubic feet of the clean-burning fuel per day.
The company said the discovery was the second on its offshore Trinidad property. It plans to speed further appraisal drilling on the field.