Zenith Energy picked up 5% on a Memorandum of Understanding signed with the Ministry of Petroleum in the Republic of South Sudan.
The MOU formalises certain negotiations currently underway with the Ministry of Petroleum for the acquisition and development of oil and gas production licences located in the Republic of South Sudan, said the statement.
Andrea Cattaneo, Zenith's chief executive, added: “South Sudan is endowed with a prolific petroleum system and has been the focus of our attention in recent months.”
Shares rose 0.02p to 0.38p.