The driller and the tool pusher should be in contact with someone from TECO letting them know how the progress is coming. The driller should have enough data from the cuttings to give an opinion as to oil being present. They best way one could know anything about what is under the ground is with 3-D, 4-D, or at the very least 2-D seismic . The only other answer would be able to look at logs from a well that is in the same reservoir.