China-focused Fortune Oil Plc said on Wednesday an independent resource evaluation raised its gas resource estimate at the company's Liulin block in Shanxi Province, tripling the possible reserves to 84.8 billion cubic feet (bcf).
Shares of the company were up 5 percent at 9.10 pence at 0729 GMT on the London Stock Exchange.
Fortune Oil said petroleum consultants Netherland, Sewell & Associates Inc also estimated the value of Fortune Oil's 31 percent net share in the Liulin block to be $193 million.
The company, which manages investments and operations in oil and gas supply and infrastructure projects in China, also said the evaluation accredited a 1.4 bcf of probable reserves. (Reporting by Ramkumar in Bangalore; Editing by Vinu Pilakkott