Shares in the UK oil and gas exploration and production firm Bowleven have soared by almost 20 per cent on the back of the announcement that it has made a significant new find in the west of Africa.

A statement released by the Edinburgh-based company confirmed that initial testing at its IF-1r well off the coast of Cameroon has yielded "impressive results", with light sweet oil flowing at 3,371 barrels a day.

While this new discovery is relatively small in comparison to other West Africa finds, the fact that it is the first success of Bowleven's permit has been taken as encouraging by the firm as it confirms the presence of oil, gas and condensate resources in the region.

Commenting on the development, Kevin Hart, the chief executive of the company, told Afol News: "I am delighted by the high productivity demonstrated by the Upper Isongo reservoir sands during this test.

"The IF-1r oil discovery continues the success of our exploration drilling in Cameroon and further emphasises the quality of the Etinde permit and the highly prospective nature of the region."

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