Genie Energy Ltd (GNE)

[Timothy Smith]

Genie Energy (GNE +19.1%) is surging after the company confirms it has found massive oil reserves in the Golan Heights, but adds that the specific quantity and quality of oil is not yet known.

GNE says the resource is present at multiple strata and is up to 350 meters thick in some of the explored portion of the license area vs. strata 20-30 meters thick on average in the world.

GNE says it has completed drilling two exploratory wells within the area and begun drilling a third pursuant to a 10-well exploratory program.