Shares in British oil and gas explorer Rockhopper Exploration PLC are up 35 percent after it reported that its oil well in the Falkland Islands is likely to prove commercially viable.
Rockhopper said Monday that it has found a "significant reservoir package" at its Sea Lion platform.
Chief Executive Samuel Moody says the company believes that the well is "highly likely to prove commercially viable."
Shares in the company are changing hands at 294 pence ($4.79) _ up 77 pence _ in afternoon trade on the London Stock Exchange.
Rockhopper's update comes as crude oil prices have soared to just over $103 a barrel amid allied military strikes on Libya, the world's 12th-largest oil supplier.