Falkland Islands oil explorer Rockhopper Exploration Plc (LON:RKH) has boosted production after snapping up assets in Egypt.
Rockhopper, whose main focus is on the North Falkland Basin, said output had increased materially after it completed the acquisition of Beach Egypt.
The deal means the group expects average production to be about 1,500 barrels of oil equivalent per day for the rest of 2016.
Meanwhile, Rockhopper said it had reduced costs further at its Sea Lion project, cutting estimated capital investment to reach first oil to US$1.5bn.
That will reduce the scheme's break-even price to US$45 a barrel.
The group said it had maintained balance sheet strength with cash resources at September 1 of about US$75mln.
Chairman David McManus said: "We continue to make very good progress in advancing the Sea Lion development, taking advantage of the current industry backdrop to reduce costs and the break-even oil price required to sanction.
"The results of the highly successful exploration campaign and the subsequent independent resource audit further supports Rockhopper's view that the North Falkland Basin has the potential to deliver multiple future phases of development and, ultimately, a billion barrels of recoverable oil."
Rockhopper's shares rose a penny, or 3.7%, to 28p in early London trading.