Afentra plc (AIM:AET, OTC:STGAF) shares moved up in Tuesday's trade, after it reported a contingent resource upgrade for its project, including Blocks 3/05, 5A and 24.
It follows an independent audit by Sproule ERCE, plus an initial internal assessment of Block 3/24, and sets total 2C working-interest contingent resources to 87.3 mmboe. That's reported as a 400% hike from the previously disclosed 20.9 mmboe.
"We're delighted to disclose the outcome of this independent resource update ... This demonstrates some of the enormous upside potential that resides across the diverse portfolio that we have strategically assembled in Angola," said chief executive Paul McDade.
The discoveries cited included Bufalo Norte, Punja, Gazela 1 and 2 and Caco.
In London, Afentra shares were up 7.66% changing hands at 45p each.