Afren Plc, a U.K. explorer that operates in Africa and the Middle East, jumped to a 9-month high in London after reporting a “significant” oil discovery in the Kurdistan region of Iraq.
Afren climbed as much as 11 percent to 149.70 pence, the highest since July, and traded at 144 pence at 9:14 a.m. U.K. time. The shares have surged 68 percent this year.
The Simrit-2 exploration well on the Ain Sifni block encountered an estimated 409 meters (1,342 feet) of net oil pay, the London-based company said today in a statement.
The results suggest the Ain Sifni block has the potential to be “transformational for Afren,” Chief Executive Officer Osman Shahenshah said in the statement.
Afren has a 20 percent interest in the block and Hunt Oil Co. is the operator.