Shares in Dublin-based oil and gas firm Petroceltic International rose this morning after the company reported increased flow rates from its AT-1 well in Algeria.
Stock climbed 6.9 per cent in early trading on the Iseq to 20 cent following a statement from the company.
Petroceltic has a 75 per cent stake in the well, which it operates in partnership with Sonatrach.
Drilling on its AT-2 well logged a gas column of more than 100 metres, the company said, and drilling for the AT-3 well has been brought forward.
"The updated AT-1 result is exciting, with substantially higher flow rates that confirm the significant commercial potential of the Isarene permit to Petroceltic and our partner Sonatrach," said chief executive Brian O'Cathain.
"The additional testing has given us a more accurate picture of the flow potential of this area of the Ain Tsila Ridge structure. We are also greatly encouraged by the logging of a 100 metre gas column in the AT-2 well and look forward to testing this in the near future."
Last month, the company reported a loss of $2.12 million, or 20 cents a share, for the first half of the year.
Revenue at the Dublin-based oil and gas company fell 61 per cent to $125,000.
