Officials with Escopeta Oil said Friday they've discovered what might be the largest natural gas find in Cook Inlet in a quarter century.

"Escopeta is very excited by the results of this well, especially since we are only half-way down to the planned total depth," Bruce Webb, Escopeta's vice president of governmental and regulatory affairs, said in a statement, according to a KTUU-Channel 2 report. "We still have to drill through the Tyonek gas formations, and then into the Sunfish and Hemlock oil formations, on our way to the Jurassic."

Escopeta Oil's jack-up drilling rig made the discovery, estimated at about 3.5 trillion cubic feet of natural gas.

"Escopeta says the huge find from only the first of five planned wells is enough to commence planning and engineering for commercial gas production. This year's results have prompted the company to consider an accelerated natural gas development scenario, which could produce new gas deliveries from the inlet as early as 2013," the article says.