June 20 (Bloomberg) -- Altinex ASA, a Norwegian oil and gas company, said a test showed the Huntington field in the U.K. North Sea is a ``significant'' oil discovery.

A second drill stem test showed a flow of 5,577 barrels of oil a day, Bergen, Norway-based Altinex said today in a statement to the Oslo Stock Exchange. Flow rates were restricted because of the equipment used, according to a statement from Oilexco Inc., the field's operator, distributed by Altinex.

``There is no doubt that Huntington is a significant discovery,'' Altinex's Chief Executive Officer Olaf Ellingsen said in the statement. ``We will now push for fast-track appraisal and development of this new North Sea find.''

Shares of Altinex rose 5.2 percent to 22.10 kroner, their highest close since May 11, 2006. The company has a market value of about 4.37 billion kroner ($730 million).

Further appraisal of the discovery is planned for the fourth quarter, Oilexco said.

Calgary, Canada-based Oilexco holds 40 percent of the license. Altinex has 20 percent, E.ON Ruhrgas UK Exploration Ltd. 25 percent and Carrizo Oil & Gas Inc. 15 percent, according to the statement.

To contact the reporter on this story: Beate Evensen in Oslo at bschjolberg@bloomberg.net

Last Updated: June 20, 2007 11:10 EDT