Shares in Revus Energy ASA rose more than 10 percent on Tuesday after the Norwegian energy firm announced oil has been found in one of its prospects in the North Sea.
Revus said the operator of the Jordbaer prospect, BG Norge, has found oil at the field and estimates an average oil rate of about 7,500 barrels per day.
Revus has a 20 percent interest in the license. Other partners are BG Norge with 45 percent, Idemitsu with 25 percent and RWE-Dea with 10 percent.
The company's shares rose 11.62 percent to 79.25 kroner (US$14.81) in Oslo after the announcement.
It said it thinks the Jordbaer discovery increases the likelihood of additional discoveries in the area.
"It is too early to estimate how much oil has been discovered in this well bore, but we do believe that as a consequence of this discovery, there is a relatively high probability that this area could contain enough oil and gas to double Revus' current reserves and contingent resources," said Chief Executive Harald Vaboe.
The company said another well will now be drilled next to the original one in order to determine the full potential of the resource.
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