Continued flow testing of the well recorded a production rate of 285 barrels of oil per day (bopd), a significant upgrade from the initial testing of 100 bopd announced last week.
It is still far from the 700 bopd target based on production at an adjacent well.
The C-37 well was drilled at a total depth of 4,350 metres, encountering three layers of oil and gas shows for total pay of 16 metres.
Zenith Energy was contacted for comment.
Shares were up 35.20% to 3.21p in the early afternoon.