As written, 오올치 is not a proper word but a spelling of a drawn out 옳지 based on its sound. 옳지 = 옳다(adj: right, proper, good) + -지(sentence ending for gently confirming one's thought or approval). 옳지 is normally pronounced as 올치 because ㅎ and ㅈ coming together becomes ㅊ, and 오올치 if you say it slowly. So it means "Good job!" as you said, or "That's good!", "There you go!", etc.

The meaning of this video is as follows. "오올치~" can also be used when an older person (예빈) sees the behavior of a young person (도빈) and praises it. "오올치~" It is a colloquial language frequently used in Korea.