Oil and gas group Cairn Energy saw shares gush another 10 per cent higher after reporting a third major oil strike on the Indian field it bought from crisis-hit Shell for £4 million sterling.
Stock in the Edinburgh-based firm lifted 90.5p to 980.5p after it said it had made a "potentially significant" discovery in the north-western state of Rajasthan.
Cairn said more work was needed to tell the precise size of the find about seven miles north of Mangala, and just 300 yards from the northern boundary of the current block. But it estimated there could be 400 million barrels in place.
The company may now talk to the Indian government about the possibility of extending the block so it can better appraise the size of the find.
Shares in Cairn have almost tripled since the middle of January, when they were valued at 365p. The first boost came after a company-transforming strike that month in the same oil field, purchased from rival Shell in 2002, which was followed in March by a second find.
Chief executive Bill Gammell said the latest discovery was a good sign of possible further finds.
Last month, Cairn unveiled record production, revenues and profits for 2003. Pre-tax profits rose 58 per cent to £69.1 million in the 12 months to December 31, benefiting from an increased production base.