ASUNCION, Paraguay (AP) — A British energy company said on Monday that it made its first major oil discovery in Paraguay’s Chaco Basin, though the government said it’s too soon to tell if the find is commercially viable.

Shares of London-based President Energy doubled after the oil explorer announced the discovery of light oil in the Lapacho well some 280 miles (450 kilometers) north of the capital, Asuncion. The company said the find is “expected to be commercial.”