Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Canacol Energy Ltd. (TSX: CNE ) jumped 10% today after announcing drilling results.
So what: The Leono 1 explorations well in the Llanos Basin in Columbia showed 133 feet of net oil pay from 4 different reservoirs. That's double what the company discovered at the Labrador discovery last year.
Now what: Canacol is already preparing to conduct production testing once it receives regulatory approval. Once that's completed, it will drill four more appraisal wells at Leono, which I would expect to be drilled early next year. This is very positive news for Canacol and with an 80% working interest in the oil field we should begin seeing a significant impact on the company's income statement next year.
Our top energy stocks
Looking for more growth opportunities in energy? Motley Fool is offering a comprehensive look at three energy companies set to soar as the energy industry grows. To find out which three companies are spreading their wings, check out the special free report, "3 Stocks for the American Energy Bonanza." Don't miss out on this timely opportunity; click here to access your report -- it's absolutely free.