Pancontinental Oil & Gas (ASX:PCL) has announced the Sacramento Basin in California has unveiled its most significant gas shows to date.
The junior oil and gas company says the site, the Dempsey mine, is testing the largest undrilled structure in the northeastern Sacramento basin.
And the Dempsey 1-15 well has now drilled through hard siltstone/shale into primary gas bearing sand.
Pancontinental Oil & Gas which has a 10 per cent stake in the project says the findings are significant for its investors and shareholders.
Shares in Pancontinental Oil & Gas (ASX:PCL) closed 50 per cent higher to 0.3 cents.