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Premier Oil said it had "significantly increased" its estimate of how much oil could be recovered from its offshore Zama project in Mexico.
Evaluation of data from appraisal wells and a vertical side-track demonstrated reservoir properties "at the upper end of expectation", the company said. This include a higher net-to-gross ratio, better porosity and increased hydrocarbon saturation.
The company refined its gross resource estimate of the Zama wells to 670-810-970 million barrels of oil equivalent (P90-P50-P10).
"Our focus now turns to selecting the optimal development for the field, ahead of taking a final investment decision next year," said Tony Durrant, CEO.
At 9:44am: (LON:PMO) Premier Oil PLC share price was +1.75p at 79.99p