IOG PLC (AIM:IOG) shares jumped 30% higher after it told investors that a previously announced "well control event" in the Blythe H2 well has now been isolated without the need to drill a sidetrack well.
The company, in a statement, added that first gas from the Blythe H2 well is still expected to commence by the end of the second quarter.
"The IOG, Petrofac and Shelf teams have worked extremely hard to isolate the kick/loss zone safely and successfully on Blythe H2,” chief executive Rupert Newall said.
“I am pleased to say that the 6" hole section has so far been drilled efficiently and it is encouraging that the top reservoir has been encountered within expectations.
“The teams are working tirelessly to ensure the remainder of the well as well as the hook up and commissioning of the new well into the Saturn Banks Pipeline system is delivered as efficiently as possible."
In London, IOG shares were up just over 1.42p or 30% to change hands at 6.1p each.