Calgary-based Zenith Energy said today that it had increased production from the M66 well on Azerbaijan’s Muradkhanli field.
Zenith, listed in London and Toronto, said output had reached 50 barrels of oil per day (bopd) from the well, which was returned to production last month.
It had been shut in since 1999.
Zenith chief executive Andrea Cattaneo said: “Zenith is gradually reaping the rewards of its increased investment in equipment and the strengthening of its operational team.
“Our targeted and carefully considered investments in machinery and personnel will ensure a progressive increase in our field production without the dangers presented by imprudent expenditure.”
Zenith shares were up 3.45% to 7.5p in London in early trading.