Shelton Petroleum AB (SHELB) advanced by the most in more than a month in Stockholm trading after the Swedish oil exploration company reported higher production and unveiled the results from a new well in Russia.
Shelton rose as much as 14 percent, the steepest intraday gain since May 6. Output grew to 556 barrels of oil a day in May from 458 barrels a year earlier, it said in a statement. The new RS #11 well at the Rustamovskoye field has a flow of about 130 barrels a day and Shelton will seek to boost that rate, it said.
“The incremental production raises the cash flow from the already profitable oil field,” said Robert Karlsson, chief executive officer of the Stockholm-based company.
The well provided information on the reservoir’s properties and extension, which in turn allows for a potential increase in reserves in the company’s next update, Shelton said.
The stock rose 5 percent to 21 kronor by 9:51 a.m. in Stockholm.
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