Discovery of oil in Mexico has resulted in an increase in the value of Harbour Energy’s shares.

Harbour Energy PLC (LSE: HBR) shares rose during early trading on Wednesday following the announcement of new oil discovery in the Mexican coastal waters.

The London-based independent producer revealed that its Kan-1 exploration well in the ‘Block 30’ lease encountered more than 170 metres of net pay in shallow waters at a depth of approximately 50 metres.

The well was drilled down to a depth of 3,317 metres, and a sidetrack was also drilled for analysis, with approximately 250 metres of core taken. Harbour, which holds a 30% interest in the exploration well, stated that the partners would assess the collected well data and formulate a plan to appraise the discovery.

As of the time of writing, Harbour shares traded at 249.20p, up 6.7p or 2.76%.

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