Petroneft Resources has said its Arbuzovskoye well 102 in Russia has successfully encountered an initial flow of 540 barrels of oil a day.
The exploration company said this is the highest ever rate achieved without fracture stimulation in Licence 61.
Its shares price rallied on the news and was up over 12% in afternoon trade in Dublin.
''This is well above our target rate for these wells and further confirms the excellent continuity and good reservoir properties in the eastern portion of the field,'' commented the company's chief executive Dennis Francis.
''While there may be some variation in results, we look forward to the additional wells in Arbuzovskoye over the coming months as we continue to focus on materially increasing our production profile and cash flows,'' he added.
