A potential major offshore oil discovery powered shares of an energy junior sharply higher Monday. Here’s some small stocks making big moves on Monday, August 12, 2019 (as of 11:30 am EST):
Eco (Atlantic) Oil & Gas Ltd. (TSXV:EOG) shares surged 59% to $1.81 on Monday after the energy junior announced what it called a “significant oil discovery” on the Orinduik Block, offshore Guyana. The Jethro-1 exploration well was drilled to a final depth of 4,400 meters in approximately 1,350 meters of water and encountered 55 meters of net high-quality oil pay in excellent lower Tertiary sandstone reservoirs, which the Company says supports recoverable oil resources.
As well, shares of CannTrust Holdings Inc. (TSX:TRST) sank 25% to $3.14 as the Canadian cannabis company said a recent audit by Health Canada determined that its Vaughan, Ontario facility is non-compliant with certain regulations.
Canfor Corporation (TSX:CFP), meanwhile, reported that it has received an unsolicited and non-binding proposal from Great Pacific Capital Corp., a member of The Jim Pattison Group, to take Canfor private at a price of $16.00 per common share. Canfor Corporation stock popped 72% to $15.16 following the announcement.
Finally, TSO3 Inc. (TSX:TOS) shares rose 8% to $0.415 after the provider of sterilization technology for medical devices announced that it has agreed to be acquired by a subsidiary of Stryker Corporation for $0.43per share in cash.
Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.
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Eco (Atlantic) Oil & Gas Ltd. (TSXV:EOG) shares surged 59% to $1.81 on Monday after the energy junior announced what it called a “significant oil discovery” on the Orinduik Block, offshore Guyana. The Jethro-1 exploration well was drilled to a final depth of 4,400 meters in approximately 1,350 meters of water and encountered 55 meters of net high-quality oil pay in excellent lower Tertiary sandstone reservoirs, which the Company says supports recoverable oil resources.
