Titan rises on commercial discovery

Titan Energy shares have jumped on the ASX today, after the company said it had made a commercial oil and gas discovery at its Allen Dome oil field in Texas.

Titan said that one of its exploration wells had intersected four separate zones with hydrocarbon indications, including a 68-foot section of hydrocarbon-bearing sand.

The company said three other potential pay zones were intersected and would be assessed for development.

At 12:00PM, WST, Titan Energy shares were up 41.7 per cent, trading at 1.7 cents.

Managing partner John McKnight said there was still a lot of work to be done to fully understand the drilling results, but initial indications were that the well was a commercial discovery.

“We will need to undertake a number of tests and reviews of logs and other results, however, to encounter four separate potential pay zones – including one very sizeable section – in a large and proven oil field is exciting,” Mr McKnight said in a statement.

“There is also the potential to add to the current production at Allen Dome from the three other zones we encountered in this well as we explore around the dome.”