Kazakhstan-based oil explorer Roxi Petroleum Plc (RXP.L) said on Tuesday it successfully tested two wells in central Kazakhstan, Reuters reported.
The company said it estimated reserves of 13 million barrels of C1 and 5 million barrels of C2.
Roxi said the average daily test production from the NW Konus field is 1,000 barrels of oil per day.
Roxi plans to seek shareholder approval to rebase its nominal share value in order to help discussions with parties for new funding.
The current share price has traded below the nominal share price for some time, the company said.
Each issued share will be divided into one new share of 1 pence and a deferred share of 9 pence, Roxi said in a statement.
At 0844 GMT, Roxi shares were up 10 percent at 8.125 pence on the London Stock Exchange.